La Central Affordable Housing development slated for Melrose in the Bronx.
La Central Affordable Housing development slated for Melrose in the Bronx.

In the 2009-2015 Bronx Annual Development Report by the office of The Bronx Borough President Ruben Diaz Jr, investment in The Bronx hit a high of $2.4 billion ($2,385,476,138 to be exact) in 2015 representing an 85% increase over the prior year.

Community Board 1, which covers the South Bronx neighborhoods of Melrose, Mott Haven, and Port Morris represented almost half of that amount to the tune of $1.1 Billion ($1,115,959).

The largest, single investment in The Bronx was also in CB1 for $418 million for the proposed development of La Central in Melrose, the 992 unit, 5 building 1.1 million square feet “affordable housing” project that counts a 10,000 square foot television studio for BronxNet and a 40,000 square foot YMCA among its many features.

In close second is the not so beloved partnership between Chetrit Group and Somerset Partners for $349 million, the infamous group behind the failed attempt to rebrand parts of Port Morris as the Piano District not to mention the horrendous and tasteless party mocking The South Bronx during its burning years.

CB1 and Melrose were also the location of the top commercial development of 2015, Triangle Plaza on 149th Street across from the Opera House Hotel.

Investment in Community Board 1 was four times higher than the second highest which was the adjacent CB3 with $250,320,932 (CB3 also covers parts of Melrose which has been the epicenter of construction and development for almost a decade now).

Community Board 1 also leads with number of new residential units in 2015 for a total of 3,062 accounting for 44% of 6,974 residential units developed in 2015, with a good portion located in Melrose.

Although the number of government subsidized units developed rose by 107% in 2015, of the 6,974 residential units developed in The Bronx in 2015, 66% (4,589 units) were developed by private developers accounting for an 84% increase from 2014. This is important to note, because, for a long time, most residential developments in The Bronx were subsidized as there was zero to no confidence in constructing in our borough without major incentives and subsidies from the government.

Since 2010, there has been a significant incremental increase in unsubsidized residential units. Gentrification anyone?

2016-bronx-development-report-page-011

Highlights by Community Board:

Community Board Real Estate Investment 2009-2015 Real Estate Investment 2015 Residential Units Created 2009-2015 Residential Units Created 2015
1 $2,227,431,864 $1,116 Billion 5,734 3,062
2 $242,100,334 $82 Million 535 150
3 $946,930,730 $250 Million 3,737 804
4 $918,431,840 $105 Million 1,804 343
5 $409,562,398 $30 Million 1,430 178
6 $680,125,705 $184 Million 2,410 518
7 $650,888,315 $207 Million 2,041 534
8 $638,009,819 $80 Million 1,134 389
9 $561,632,814 $211 Million 1,476 475
10 $559,744,898 $27 Million 963 86
11 $1,196,387,419 $57 Milion 500 264
12 $410,429,936 $37 Million 2,060 171
Total Units: 23,824 6,974

Other key highlights from the report are:

-From 2009-2015, $9.5 billion has been invested in The Bronx:

  • $5.8 billion invested in residential
  • $2.4 billion invested in institutional properties
  • $1.3 billion invested in commercial properties

-23,824 new residential units have been constructed between 2009-2015 (10,789, or 45%, subsidized, 13,035, or 55% unsubsidized)

Check out the entire report below:

 

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