Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

NEW YORK CITY-Ground was broken for the Gateway Center, a $500-million mall project slated to open in 2009. Major retailers in the mall will include Target, Home Depot, Best Buy, and Bed Bath & Beyond. The opening, attended by many city politicians including Mayor Michael Bloomberg, is expected to be an integral part of the economic revitalization of the Bronx. The project is to be constructed on the site of the 70-year-old Bronx Terminal Market.

The Related Cos. secured a long-term lease for the 32-acre waterfront property for an annual rent of about 36 cents per sf. The company also received from the city $26.5 million of tax abatements and subsidies, a $32-million loan guarantee and rights to the site of a $40-million city-owned building in exchange for a similar-sized vacant lot. Related says the mall is going to bring some 2,100 retail jobs to the area and $21 million in revenue.

The deal has been criticized in the past as being a sweetheart deal for Related and also for evicting many ethnic food purveyors from the terminal without finding them a unified home. Also sure to stir local political debate is the coming for the whole sale club BJ’s, which has come under scrutiny in the past as being anti-union and not “neighborhood friendly.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.