Largest retail development in NYC in decades – 90% leased and open on schedule. First national retail complex to serve the 1.4 million residents of the Bronx first BJ’s, Bed Bath & Beyond, and Toys“R”Us/Babies“R”Us “R” superstore in the Bronx. special grand opening celebration on Saturday, September 19th including Toys“R”Us’ Geoffrey the Giraffe, Target’s Bullseye, Big Apple Circus, Live at Best Buy Music Concerts And more.
New York City Deputy Mayor for Economic Development Robert C. Lieber, Related Companies Chairman Stephen M. Ross and Related Retail President Glenn Goldstein, Deputy Borough President Aurelia Green, Assemblyman Michael A Benjamin and Assemblywoman Vanessa Gibson and retail executives today marked the grand opening of the one million square-foot, $500 million Gateway Center at Bronx Terminal Market with a ribbon-cutting ceremony. The Gateway Center at Bronx Terminal Market is the largest retail development in New York City in decades and a new anchor in the South Bronx, generating much needed retail options and job opportunities for the community’s 1.4 million residents.
Developed by Related Companies and its retail partners, the project has remained on schedule and exemplifies one of the most successful retail stories of the last decade. The LEED Silver Gateway Center is 90 percent leased, 80 percent open, and includes an exciting mix of large-scale retailers and restaurants for the whole family, including BJ’s (first in the Bronx), The Home Depot, Best Buy, Target, Bed Bath & Beyond, Marshall’s, Raymour & Flanigan, Staples, Best Buy, Toys“R”Us/Babies“R”Us “R” Superstore (first in the Bronx), and Applebee’s.
Other restaurants and shops including Youngworld, Michael’s (first in the Bronx) and Conway will open over the next eight months. Approximately 53,500 square feet of space has already been successfully leased to local merchants, with an additional approximately 16,000 square feet in lease negotiations with local merchants.
“Today’s grand opening celebration is a testament to a great public-private collaboration between the City of New York, the local elected officials, the community and Related Companies, “ said Related Companies Chairman and CEO Stephen M. Ross. “Gateway Center will not only ensure that residents of the Bronx are afforded the same convenient shopping opportunities as can be found in other boroughs, but it continues the renaissance of the Bronx with the creation of thousands of jobs. We are also pleased to deliver this nearly 1 million square-foot, $500 million project in a manner that is environmentally sensitive and meets LEED Silver standards.”
The Gateway Center at Bronx Terminal Market will generate more than $20 million in annual tax and revenue for the City and the project will create an estimated 2,100 permanent retail jobs when fully opened and approximately 2,900 union construction jobs in the South Bronx. Nearly 40 percent of all construction contracts were awarded to Bronx-based companies and nearly 15 percent have been awarded to Minority- and Women-owned Business Enterprises. More than 1,100 local Bronx residents have already been hired for permanent positions by retailers, filling 67% of the current job positions. Additional hiring is ongoing.
Spurring job-intensive private investments in neighborhoods across New York City is part of the City’s Five Borough Economic Opportunity Plan to create jobs for New Yorkers today, implement a vision for long-term economic growth, and build affordable, attractive neighborhoods. Deputy Mayor for Economic Development Robert C. Lieber said, “Attracting private investment and creating jobs is a critical component of the City’s Five Borough Economic Opportunity Plan, and the new Gateway Center at Bronx Terminal Market is a great example of how we're achieving that in the South Bronx.
With unique destination retail, the Gateway Center is emerging as a new center of activity and commerce for the borough, creating thousands of construction and permanent jobs. I want to congratulate Related Companies for their commitment to New York City and wish all the retailers of the Gateway Center great success.” Whether accessorizing a home with the extensive merchandise at Raymour & Flanigan, Bed, Bath & Beyond, and Best Buy; shopping for the latest looks for less at Marshalls and Target; seeking home and business improvements at The Home Depot and Staples; stocking up on groceries at BJ’s; or creating a fun family outing with shopping at Toys“R”Us and dinner at Applebee’s, Gateway Center provides a convenient and affordable destination for everyday, shopping needs.
“BJ’s is excited to open in The Bronx, and we look forward to serving this community,” said Antonio Ramos, general manager of BJ’s Wholesale Club in The Bronx. “Area residents now have an even more convenient location to purchase everything they need from groceries to general merchandise all in one stop.”
“At Bed Bath & Beyond, we are committed to providing exceptional customer service, a broad and deep assortment and great value to our customers and we look forward to continuing these traditions in the Bronx at our store at Gateway Center,” stated Steven Temares, Chief Executive Officer of Bed Bath & Beyond. “This location means that we now have stores in all five boroughs and means that our Bronx customers do not have to travel as far to shop in our store.”
### About Gateway Grand Opening Celebration on Saturday, September 19th: As part of its opening celebration, Gateway Center is hosting a one-day only festival on Saturday, September 19th, from 9am-6pm. Children and parents alike can delight in Target’s Bullseye, Toys“R”Us’ Geoffrey the Giraffe, clowns and circus acts from Big Apple Circus, Bronx Zoo picture stations, family-friendly live musical performances, and entertainment and workshop stations throughout the Center. There will also be an “around the Center” passport program, where customers can get stamps from each store in exchange for a surprise gift. Retail promotions and discount certificates will be offered throughout the stores.
“Applebee’s is proud to continue our Grand Opening celebration by participating in the Gateway Center at Bronx Terminal Market’s Customer Appreciation Day,” said Zane Tankel, founder and CEO of Apple-Metro, the company that owns the newly-opened Gateway Center Applebee’s. “With the opportunity to meet Yankees great Lee Mazzilli and demonstrations by Mad Science, we are able to offer activities for the entire family to enjoy during this amazing event.”
About the neighborhood: The South Bronx has long been underserved by retail stores, and many of the borough’s residents had to travel to Yonkers, Westchester or New Jersey to find national retailers. Much of that spending can now be done at Gateway Center, providing the area’s best one-stop, shopping destination for brands, style and savings to accommodate today’s price conscientious consumer. The Gateway Center at Bronx Terminal Market has tremendous visibility off of the Major Deegan Expressway and convenient access to mass transit. The project’s proximity to the new Yankee Stadium and its 4 million visitors also heighten the project’s identity within the New York Metropolitan Area. The multi-level regional shopping center features an innovative concept that creates dedicated parking fields for each level. It will also feature an inviting public open space and a waterfront esplanade along the Harlem River, being constructed by City Parks and set to open later this year. History of the site: Built in 1920, the Bronx Terminal Market at one time was one of the largest food wholesale operations in the country with more than 100 tenants and 1,000 employees. Over the years, it declined until its nine remaining deteriorating buildings were occupied by fewer than 30 wholesalers. In 2004, Related entered into an agreement with the City of New York and New York City Economic Development Corporation to redevelop the property with a mix of newly-constructed buildings. In an effort to preserve the history of the old Bronx Terminal Market, Related is restoring the Prow Building at the corner of East 149th Street and River Avenue, as well as the iconic friezes from the House of Detention. GreenbergFarrow served as the master planner and retail design architect for the development. For more information about Gateway Center at Bronx Terminal Market, please visit www.GatewayCenterBTM com.
About Related Companies Heralded as one of the most prolific and visionary real estate firms in the country, Related Companies was formed over thirty-five years ago. Today, Related is considered the most prominent privately owned real estate development firm in the United States with divisions in development, acquisitions, property management, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of more than 2,000 professionals. Related has real estate assets worth over $15 billion, including New York City’s newest landmark Time Warner Center. In 2006 Related acquired Equinox Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. For more information about Related Companies please visit www.related.com.
