Brookfield Breaks Ground on $950M Bronx Mega-Project
- Nov 22, 2019
Brookfield Properties has started construction of Bankside, a $950 million waterfront residential development in the South Bronx’s Mott Haven neighborhood that will bring more than 1,350 apartments to the New York City borough. The project’s first phase, which will deliver more than 450 apartments on a site at 2401 Third Ave., is slated to open by the end of 2021.
Upon completion, Bankside will extend to a second parcel at 101 Lincoln Ave. The Third Avenue Bridge, which spans the Harlem River, will bisect the 4.3-acre development. The project designed by Hill West Architects will feature seven towers linked by low-rise structures across the two parcels. Brookfield will also deliver a more than 34,000-square-foot public waterfront promenade as well as community facility space.
Of the development’s more than 1,350 apartment units, 30 percent will be income-targeted through the Affordable New York program. Bankside will include 15,000 square feet of ground-floor space for local retailers, including an educational and community center run by the nonprofit Project Destined.
The mega-project is Brookfield’s first effort in the Bronx and one of the largest private investments ever in the borough. Real estate investment giant Brookfield purchased the pair of parcels last year from The Chetrit Group and Somerset Partners for $165 million. The prime site is earmarked for roughly 1.2 million square feet of residential development.