Mixed-use development to bring fresh food, accessible healthcare and job opportunities to a highly distressed community in the South Bronx.
THE PROJECT:
Triangle Plaza Hub (Triangle Plaza) is an 88,000 square-foot, LEED Silver mixed-use commercial and community development that will replace an underutilized municipal parking lot in the Mott Haven neighborhood of the South Bronx. Historically, the Bronx has contained the most poverty-stricken neighborhoods in New York and contains one of the five poorest Congressional Districts in the United States.
Key elements of the Triangle Plaza development include:
- A primary care medical clinic to provide neighboring communities with much-needed access to healthcare. Bronx County is currently ranked last in health outcomes among all New York State counties, and the project is located in a federally-designated Medically Underserved area.
- A 14,600 square-foot affordable grocery store. The project area is currently considered a “food desert,” with residents lacking access to fresh foods. The grocery store will be part of New York City’s FRESH program.
- A satellite campus for a four year, non-profit college.
- Job opportunities for local residents, with Seedco Workforce providing a hiring system to link local residents.
In addition, Triangle Plaza is a transit-oriented development, easily accessible to two subway lines and eight NYCT bus routes.
COMMUNITY IMPACTS:
- Create 151 construction jobs and 188 permanent jobs.
- Target hiring efforts to low-income persons or residents of low-income communities.
- Increase access to critically needed goods and services, including: fresh and healthy food, primary healthcare and education.
- Create environmentally sustainable outcomes by developing a transit-oriented facility and achieving LEED Silver Certification
- Offset 12,000 metric tons of carbon dioxide.
KEY COMMUNITY DEMOGRAPHICS:
- Poverty Rate: 48.3%
- Median Family Income: 40.1% of benchmark
- Unemployment Rate: 1.82 times the national average
- Bronxchester Urban Renewal Plan
- South Bronx Initiative Plan
- NYC Food Retail Expansion to Support Health (FRESH) Program
- FEMA Disaster Area Federal Medically Underserved Area (Hunts Point/Mott Haven)
FINANCING:
- Total Project Cost: $40.8 million
- NCF Deployed Allocation: $19.3 million
- Total NMTC Allocation: $34.9 million
PROJECT PARTNERS:
- United Fund Advisors (National Community Fund I, LLC)
- New York City Economic Development Corporation
- Low Income Investment Fund
- Goldman Sachs Urban Investment Group
- Empire State Development
- Triangle Equities
