By DONNA KARDOS YESALAVICH
The amount of new retail space across the U.S. has remained relatively flat in recent years, but New York’s Bronx borough has emerged as a hot spot.
At least five major shopping malls or centers are under way in the Bronx that will add more than 1.4 million square feet of space, one of the largest local retail expansions in the country. Despite the swell of supply already in the pipeline, developer Equity One Inc. last week said it would increase the size of its Broadway Plaza shopping center by 33,000 square feet to 148,000 square feet at an additional cost of $13.8 million, boosting the project’s total price tag to $66.5 million.
The initial phase of the development, which the company says is 70% leased, is expected to open in the fourth quarter and will include a TJ Maxx store and Aldi, a German discount supermarket chain. The additional section will offer five to seven smaller spaces and a street presence and should be completed by the second quarter of 2015.
Read the entire story over at the Wall Street Journal: http://m.us.wsj.com/articles/SB10001424052702304834704579405193117279388?mg=reno64-wsj
