Douglaston Development has signed a 12,373 s/f, 40-year lease with grocery store, Cherry Valley Marketplace.
The market will operate a Food Retail Expansion to Support Health (FRESH) certified marketplace at 2856 Webster Avenue in the Bedford section of the Bronx, the building it has called home for more than 15 years.
This transaction is part of the two-phased, mixed-used project that will deliver approximately 448 units of affordable housing to the community upon completion at 2856 Webster Avenue and 410 Bedford Park Boulevard on land owned by The New York Botanical Garden (NYBG).
The FRESH program promotes the establishment and retention of grocery stores that dedicate required selling space to perishable food items within underserved communities. Douglaston Development received certain zoning incentives from the New York City Department of City Planning (DCP) in exchange for its commitment to keep healthy grocery stores available to the community.
“We know that keeping Cherry Valley Marketplace in the neighborhood is a top priority for the community, and we are delighted to be making that happen,” said Russell Lang, Senior Vice President at Douglaston Development. “As a result of this lease signing, Cherry Valley will significantly upgrade its facilities and continue to be a staple of the Bedford community as it has been since its inception in 2006.”
Cherry Valley will continue to operate its existing store at 410 Bedford Park Boulevard while the first phase of construction is underway. Cherry Valley will relocate to the new 12,373 s/f facility upon completion of construction and will expand into an additional 8,000 s/f for a total of approximately 20,000 square feet upon completion of phase two.
The new lease allows Cherry Valley to retain its staff of over 45 employees and to continue to provide a myriad of benefits to the community with its newly constructed FRESH-certified location.
“We are so excited to stay in our location on Bedford Avenue,” said Anthony Espinal, owner of Cherry Valley Marketplace. “Having a brand-new facility in an established location means we can retain our workforce and continue to serve the community.”
Douglaston Development worked with Community Board 7 and the board’s leadership, U.S. Representative Ritchie Torres, Bronx Borough President Ruben Diaz Jr. and his team, the Bronx Department of City Planning and the Department of City Planning throughout the FRESH certification process.
The project’s construction is being carried out by Levine Builders, the general contracting and construction management affiliate of Douglaston Development.