Real Estate Weekly
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South Bronx development close to full as opening day nears

Triangle Equities has completed two lease transactions at its $35 million multi-use complex in the South Bronx.

As the fall 2015 grand opening of the 88,000 s/f complex nears, only 8,200 s/f remain available for lease.

“We are thrilled with the leasing velocity and overall level of interest tenants have shown for space at Triangle Plaza Hub,” said Lester Petracca, president of Triangle Equities.

“With our grand opening fast approaching, we’re excited to finally bring the services and amenities of this community-centric development to a deserving area, which, we believe, will catalyze continued improvements to this outstanding neighborhood.”

Brightpoint Health and DaVita Dialysis Center will join a nearly full roster of tenants, including Fine Fare Supermarket, Metropolitan College of New York, Vistasite Eye Care, and Boston Market.

Brightpoint Health – a nonprofit provider of medical and social services — will lease 16,000 s/f on the second floor, while DaVita Dialysis Center is taking 8,900 s/f of ground floor retail space.
Two ground floor retail spaces of 3,900 and 1,300 s/f remain available within the complex, while a 3,000 s/f pad site adjacent to the public plaza is also available.

“Rents have exceeded expectations, which we’re of course very pleased with,” said Petracca. “But more importantly, we’re delighted with the types of tenants we have signed on thus far, as they will help serve and build this community.”

Located at the Hub – a Bronx transit center that over 200,000 people pass through daily — Triangle Plaza Hub will transform what had been an under-utilized municipal parking lot in a generally underserved area into a mixed-use commercial and community facility.

In addition to the commercial and retail aspects of the development, an 8,000-square-foot plaza is also under construction. The project has been developed in accordance with energy efficiency and green building principles with a minimum goal of LEED Silver certification.

Triangle Plaza Hub is anticipated to create 188 permanent jobs and has created over 150 construction jobs. Triangle is working with the City’s HireNYC program to develop a targeted local hiring and workforce development plan to fill the newly created jobs.

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