Gateway is within the Bronx Terminal Market, which was built inthe 1920s and served as one of the largest Hispanic food wholesaleoperations in the country. Today, the area consists of ninebuildings, seven of which are partially occupied, with less than 30fruit and vegetable wholesalers. One structure, WH-1, is inhazardous condition and will be demolished over the next fewmonths. The plan dovetails with a city initiative to revitalizethis borough. A vision plan for the Hunter's Point section isexpected to be released later this spring. Preliminaryrecommendations have outlined a series of improvements that rangefrom transportation, waterfront and workforce to land-usepolicy.

Mayor Bloomberg notes that the proposal will not only removethis blight, but will generate thousands of jobs for area residentsand enormous tax revenues for the city. According to the RelatedCos., the project is expected to create more than 2,400construction jobs and about 2,100 permanent jobs in addition togenerating approximately $21 million in annual tax revenue.

"We are confident that when completed, Gateway Center at theBronx Terminal Market will stand out as a critical catalyst forfuture economic development and job creation for all the people ofthe Bronx," says Related chairman Steve Ross.