NEW YORK — Simone Development Cos. plans to develop a $400 million, nearly 2 million-square-foot, mixed-use center in the Bronx that will feature office, academic and medical space.
Simone has partnered with Empire State Development (ESD), New York State’s chief economic development agency, to deliver the project, which will be located on 33 acres on the soon-to-be-vacated, state-owned property located at 1500 Waters Place.
The property is near the new planned Metro-North transit station in Morris Park.
“This new mixed-use space marks a significant and profound investment in the Bronx,” said New York State Sen. Jeffrey Klein in a press release. “It’s projects like this that are bringing good-paying jobs to the community, creating opportunities for business to thrive and paving the way for future growth and economic success.”
The economic impact of the project includes thousands of new permanent jobs, as well as 1,900 construction jobs. In addition to the new office space intended for medical services, the project will include a retail plaza, a 150-room hotel and 100,000 square feet of space for higher education, and will provide community meeting space and new recreational fields and amenities for the Morris Park community.
“From medical and retail services, to education and community space, this center will serve a variety of important functions for Bronx residents and provide important jobs for local business owners and workers,” says ESD president and CEO designate Howard Zemsky.
“I look forward to breaking ground on this project and thank our team at ESD, New York State Office of Mental Health (OMH) and the Dormitory Authority of the State of New York for their continued collaboration and efforts,” adds Zemsky.
The process of the sale to Simone by ESD began in December 2013 after ESD issued a Request for Proposals to identify interested buyers and evaluate potential re-uses of the 33 acres of state-owned land. The agreement, which is subject to a diligence period and public approval process, is for approximately $16 million.
The development project is part of OMH’s efforts to enhance the efficiency of its real estate footprint and convert its large 76-acre campus of older facilities into a smaller 43-acre campus of new buildings at the Bronx Psychiatric Center located on-site.
— Scott Reid