Construction Begins on the South Bronx’s $950 Million Luxury Waterfront Development

Construction recently began at 2401 Third Avenue for Bankside, a new 1,350 unit market-rate luxury waterfront development in the South Bronx.

Renderings courtesy ArX Solutions

Originally owned by Somerset Partners and The Chetrit Group who attempted and failed to rebrand the area as “The Piano District” (through a tone deaf ‘The Bronx is Burning’ themed party) the development site was sold to Brookfield for $165 million who is spearheading the $950 million development across over 4 acres along the Harlem River Waterfront.

Renderings courtesy ArX Solutions

According to the Real Deal, construction should be completed towards the end of 2021 for the first phase of the development and will contain 450 units.

As part of the development, there will also be a waterfront park which is actually mandated by the 2009 rezoning of the area and the creation of the Special Harlem River Waterfront District (known as SHRWD).

Renderings courtesy ArX Solutions

30% of the units will be “affordable” but in a massive development of this size, it will change the face of the South Bronx forever as thousands of new higher economic residents move into the area.

Renderings courtesy ArX Solutions

Bankside will straddle either side of the Third Avenue Bridge with 7 interconnected towers and ground floor retail and commercial space.

The big question remains if people will actually flock here.

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Ed García Conde

Ed García Conde is a life-long Bronxite who spends his time documenting the people, places, and things that make the borough a special place in the hopes of dispelling the negative stereotypes associated with The Bronx. His writings are often cited by mainstream media and is often consulted for his expertise on the borough's rich history.