Starwood To Develop Op Zone Project in The Bronx
The global private investment firm will develop a 147,000 SF, mixed-use project anchored by a charter school.
NEW YORK CITY—The global private investment firm Starwood Capital Group and real estate firm AB Capstone are developing a 147,000-square-foot, mixed-use facility in an Opportunity Zone in the Bronx.
Located at 425 Westchester Ave., the 10-story development will be anchored by a pre-K through eighth grade school, run by Zeta Charter Schools. The building will include office space for a non-profit and ground-floor retail. The developers declined to provide an estimated cost of the project. However, construction is expected to begin this month with an anticipated completion in summer 2021.
The facility will have modern finishes, state-of-the-art classrooms, a double-height gym, floor-to-ceiling windows, open plan offices and more than 11,000 square feet of outdoor space. The property will be one of the few new construction Class A properties in the borough. Hollister Construction Services has been selected as the general contractor.
“The Bronx is New York City’s fastest growing borough and we see continued opportunity to help bring new investment in the services, schools, office space and retail that have long contributed to the Bronx being such a vibrant community,” says Anthony Balestrieri, SVP and leader of Starwood Capital Group’s Opportunity Zone investment strategy.
Starwood announced its Opportunity Zone program on Jan. 30, 2019. The firm plans to focus its Opportunity Zone strategy on markets in regions where it already has a strong real estate presence. This includes the West Coast, the Southeast and metropolitan areas such as New York City and Washington, D.C. Starwood will continue to invest in, reposition and develop real estate assets in these communities.
The Newmark Knight Frank team of Ron Solarz, Jason Shein, Jonny Yuran and Dustin Stolly represented AB Capstone, bringing Starwood into the transaction and brokering the equity for the deal.