Construction recently began at 2401 Third Avenue for Bankside, a new 1,350 unit market-rate luxury waterfront development in the South Bronx.
Originally owned by Somerset Partners and The Chetrit Group who attempted and failed to rebrand the area as “The Piano District” (through a tone deaf ‘The Bronx is Burning’ themed party) the development site was sold to Brookfield for $165 million who is spearheading the $950 million development across over 4 acres along the Harlem River Waterfront.
According to the Real Deal, construction should be completed towards the end of 2021 for the first phase of the development and will contain 450 units.
As part of the development, there will also be a waterfront park which is actually mandated by the 2009 rezoning of the area and the creation of the Special Harlem River Waterfront District (known as SHRWD).
30% of the units will be “affordable” but in a massive development of this size, it will change the face of the South Bronx forever as thousands of new higher economic residents move into the area.
Bankside will straddle either side of the Third Avenue Bridge with 7 interconnected towers and ground floor retail and commercial space.
The big question remains if people will actually flock here.
