More than $2 billion invested in Bronx: report

Posted

The Bronx is not burning — it’s booming.

That’s according to the latest annual development report from the borough president’s office. The study of investment and development in the Bronx in 2015 found an 85-percent increase in investment over the previous year, a total of $2,385,476,138. Nearly 7,000 new residential units marked a 91-percent increase over figures for 2014.

Other highlights from the report, released last week, include:

• 4,589 unsubsidized residential units, 66 percent of them from private developers

• 2,385 subsidized residential units, 34 percent of them publicly funded

• $2.1 billion in residential investment

• $151.7 million in commercial investment, including 29 retail stores, three restaurants, three hotels, six storage facilities and six warehouses

• $136.6 million in institutional development, including new buildings at P.S. 46 and Riverdale Country School

• $9,493,701,672 in total investment from 2009 to 2015

“We are seeing unprecedented levels of development in The Bronx, including new housing units of all types and vibrant commercial projects,” Borough President Ruben Diaz, Jr. said in a statement. “As we continue to attract new investors and new interest in our borough, my office will continue our efforts to ensure that the ongoing revitalization of The Bronx works for everyone.”

Community Board (CB) 8, which covers the northwest Bronx, saw less investment than most other parts of the borough — $80,267,645. In CB 1, which had the most, there was $1.1 billion in investment, large chunks of it coming from residential projects by Hudson, Inc. and Somerset & Chetrit.

There were 389 new residential units within CB 8, the BP’s report found. While recent housing proposals have come under heavy criticism in the neighborhood, CB 8 Land Use Committee Chairman Charles Moerdler noted that they are not part of the figures covered in this year’s report.

“We are not a board that is opposed to development,” he said. “Development is in the public interest and certainly in the interest of the Bronx.”

“The Bronx is alive and well and bouncing back,” Mr. Moerdler added.

development, Ruben Diaz, Charles Moerdler, Shant Shahrigian

Comments