 | | | PROJECT HIGHLIGHTS
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Borough: Bronx
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Strategy to strengthen retail corridors and foster a balanced retail mix in Melrose
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Current initiatives include increasing awareness of retail leasing opportunities in Melrose, and building connections between the retailer/broker and local development communities | | | |
The South Bronx is undergoing a dramatic transformation. In recent years, substantial public/private investment in new physical infrastructure, commercial, and income–targeted residential development has produced:
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More than 3,600 housing units;
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1.2 million square feet of retail space;
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$930 million in transportation improvements; and
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More than $1 billion in the development of destinations and parks.
Projected activity includes, approximately, 7,700 new housing units, 3.5 million square feet of commercial/retail space, 500,000 square feet of hotel/conference space, and 21.9 acres of parks and open space.
The Melrose Retail Strategy (MRS) originated from the South Bronx Initiative , a strategic plan to sustain the positive effects of previous development activity and guide future investments and land use changes in the South Bronx. The MRS focuses on traditional retail corridors, such as Third Avenue and the East 149th Street hub, as well as new retail space coming online in the neighborhood of Melrose, which has experienced significant mixed-income housing construction over the past eight years. The goal of the MRS is to provide a better and wider retail selection for this growing community.
NYCEDC’s Melrose Retail Study , published in May 2007, lay the analytical foundation for the MRS. Based on the study’s findings (see box below), NYCEDC, in partnership with HPD, reached out to the local development and brokerage communities to better understand the causes for retailers’ reluctance to locate in Melrose despite evidence of unmet consumer demand. Following this outreach, the MRS has focused on increasing retailer and broker awareness of the neighborhood’s true spending power, recent development activity, and leasing opportunities, as well as facilitating the flow of communication among relevant stakeholders (developers, retailers, brokers).
Key actions include:
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Attend major retail real estate conventions to discuss Melrose and its untapped retail potential with retailers and brokers
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Develop an up-to-date Melrose Retail and Community Space Inventory for distribution to retailers and brokers
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Host a discussion panel and networking event for retail and real estate professionals to highlight recent successes and magnitude of retail potential in the South Bronx
NYCEDC is also evaluating the feasibility of longer term actions, such as transit and street enhancements to improve accessibility and pedestrian activity, and increased coordination between agencies to manage the amount and quality of retail space in the pipeline. New actions will be implemented as the MRS evolves. Please email awong@nycedc.com to receive future updates.
Melrose Retail Study Findings:
- Current population density in Melrose exceeds that of the Bronx and New York City. Furthermore, Melrose is one of the fastest growing neighborhoods in New York City; population is expected to increase by approximately 11-14% between 2007 and 2010.
- Aggregate annual household retail expenditure for the area is expected to increase by 58% between 2006 and 2010. By 2010, retail expenditure per square mile in Melrose will be 20% higher than the New York City average.
- The area is becoming increasingly known as a Hispanic community, catering significantly to a relatively young, bilingual Hispanic population. Households tend to be larger, with more female heads of households than average.
- Demand is high for restaurants, grocery stores, name brand apparel, dry cleaning services, bookstores, health and medical services, and professional services, among others.
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Contact Information
For further information regarding opportunities in Melrose, please contact:
Andrea Wong
awong@nycedc.com
(212) 312-3856
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Alejandro Baquero-Cifuentes
abaquero@nycedc.com
(212) 312-3824 |