Equity One to Build 133 KSF Retail Center in the Bronx
- Apr 09, 2012
Equity One responded to the New York City Economic Development Corp. less than one year ago, and now the community shopping center owner and developer has won the bid to redevelop a nearly two-acre site in the retail-hungry Bronx neighborhood of Kingsbridge/Riverdale. Equity One caught the NYCEDC’s attention with its $54 million plan for a 133,000-square-foot retail project along the Broadway retail corridor.
The economic development agency was not looking for just any shopping center for the Broadway Plaza site. The goal was to enhance retail options while avoiding overlap on the increasingly popular commercial stretch. Currently, a 162,000-square-foot shopping center anchored by BJ’s Wholesale Club is in the works and other retail and restaurant destinations have already popped up to accommodate demand spurred by residents in the area’s expanding apartment market and eager shoppers in surrounding neighborhoods. Equity One had the right idea with a plan for, as Bronx council member Oliver Koppell describes, “a commercial development without relying on a supermarket, which would be redundant.”
Equity One will shell out $7.5 million to acquire the site from the City. The long-underutilized parcel, one of the Broadway corridor’s last primarily vacant and developable spots, will soon be bustling with 500 construction workers over a two-year development period. Construction of the two-story, shopping center is scheduled to kick off in early 2013.
Equity One has not disclosed the source of equity for its investment in the Broadway Plaza project; however, the company certainly has the funds available. In February of this year, the company announced that it had closed a $200 million unsecured term loan, and would utilize the proceeds to pay down debt on a revolving credit facility, as well as for development projects and acquisitions.