"Fordham Road is a unique, high barrier-to-entry market which iscurrently underserved by national retailers," says Kenneth F.Bernstein, Acadia's president and CEO. According to New York Citystatistics, Fordham Road is the strongest retail area in theborough and is the third largest retail corridor in all of New YorkCity, with over 650,000 people in a two-mile radius and annualretail sales in excess of $500 million.

Bernstein says the strength of the retail market is evidenced byrents exceeding $75 per sf with many retailers utilizingmulti-level formats. Acadia sees the potential for retailers notalready established in the Bronx such as Target, Kohl's, OfficeMax, Bed Bath & Beyond, Best Buy and Wal-Mart.

"The Fordham Road redevelopment is the first of what we expectwill be several New York urban/infill redevelopment projects thatwe plan to execute with P/A Associates," Bernstein adds. Theredevelopment work will begin when Sear's current leaseexpires.