NEW YORK CITY-The revitalization of the South Bronx now has some thinking the area, once known primarily as a fixture of urban blight, needs some restaurants like Olive Garden, Applebee's or Red Lobster for its new higher-income residents.
In the past five years, 20 new apartment buildings totaling approximately 3,700 units have been built in and around the thriving South Bronx retail district known as the HUB, according to Crain's New York Business. Due to the new residents' median income of $35,000, which is more than 50% higher than most long-time South Bronx residents, these more affluent South Bronx residents need places to eat and shop.
"We have to bring in more tenants and more classy tenants," says Phillip Morrow, president of local development organization, SoBRO.
According to a recent survey by retail consultancy firm JGSC Group, South Bronx residents ranked Olive Garden restaurant No. 1 with Applebee's and Red Lobster also ranking high on their wish list for new restaurants in the district. See story in Crain's New York Business.
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