Acknowledging that the one-million-square-foot development in the South Bronx is opening its doors amid a recession, Glenn Goldstein, president of Related Retail, tells GlobeSt.com, "Obviously, the overall market is a challenge. But the Bronx and northern Manhattan are so under-retailed, and we've been very fortunate with the retailer interest that we've had. To date, we're 90% leased, which is just about where we had always hoped we would be at this point."

Following Thursday's opening of Home Depot, one of five US locations the home improvement giant is opening this year, Goldstein says, "Everyone will be open for back-to-school season in September. But between now and then, there will be staggered openings."

Specifically, he says, "Staples will open in June, Target and some of the smaller restaurants will be opening in July and BJ's Wholesale Club will open at the end of July or early August. Best Buy will be opening in August as well, along with Toys R Us and Babies R Us. In September, the rest of the larger tenants will be open, including Marshall's and Raymour & Flanigan." Goldstein adds that smaller, street-front retailers will be opening during this rollout, including AT&T Wireless and PayLess Shoes. A waterfront esplanade along the Harlem River is scheduled to open this fall.