Boston Market has signed a ten year lease a for 2,600 square foot ground floor space at Triangle Plaza in Melrose on 149th Street between Brook and Bergen Avenues which is currently under construction. This will be the borough’s second location of the popular restaurant chain.
The $35 million Triangle Plaza is slated to finish construction by Spring of 2015 and already Metropolitan College of New York is on board to move its headquarters to the development and occupying the upper level and a Fine Fare supermarket will be located at the site as well.
According to the Commercial Observer, the asking rents are $75 per square foot (for anyone interested in the math, that means that Boston Market will be paying $195,000 per year or $16,250 a month in rent for such a prime location.)
Triangle Plaza is located directly across the Opera House Hotel, which is the Bronx’s first luxury boutique hotel and opened last August. The hotel has been extremely successful and often finds itself fully booked. The hotel even boasts a Crunch gym on the ground floor, occupying 18,000 square feet.
The development will fill in a gap in the northern side of 149th Street which has long been underused, most recently as a parking lot.
The local commercial and retail market at the HUB in Melrose and along 3rd Avenue is only heating up. Within the past several years Melrose has seen a flood of national chains including a Planet Fitness, not one but TWO Blink Fitness gyms, The Children’s Place clothing store, and now recently Carter’s, another children’s clothing store, signed a lease on Third Avenue directly across from The Children’s Place and is scheduled to open next month in August.
Developments such as Boricua College and The Northrose, Eltona, Via Verde, Orion Condominiums, Aurora Condominiums and many others that have built along and off the Third Avenue corridor have spurred commercial growth beyond E 153rd which was the de facto end of the commercial district. Beyond that street, it was filled with empty lots with a sprinkling of a few buildings leading up to 161st Street and the Old Bronx Courthouse.
One newcomer at the Orion Condominiums on 3rd Ave and 156th Street My Wellness Solutions, a high-end wellness spa opened up about 4 years ago and is wildly successful. The mom and pop shop provides a wide range of services such as massages, facials, and homeopathic therapies. (Mom is a regular client and is happy she no longer has to leave the neighborhood for such services.)
For years residents have clamored for a wider variety of services and retail options but with their arrival, along with new stores and boutique hotels, will commercial rents skyrocket along Melrose and other streets off the main shopping district in a ripple effect?
Only time will tell. In the meantime, let’s continue to support or local mom and pop shops as well.
Update: original article incorrectly stated monthly rent to be over $187,000 a month. The yearly rent is in fact $195,000 per year or $16,250 a month.
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[…] in the borough as soon as the opportunity presents itself, I say, why not in Melrose at The Hub? It is an area that has seen a renaissance in recent years with over $2 billion in developments as well as new stores such as The Children’s Place, […]