NEW YORK CITY — A 630,000-square-foot enclosed fashion mall, with a new Macy's as its centerpiece, will break ground in the Bronx this spring, with the opening slated for late 2013 or early 2014.
Prestige Properties plans to develop a three-level, $270 million mall located on an empty parcel of the Bay Plaza Shopping Center, one of New York City's largest retail centers. The development, named the Mall at Bay Plaza, will be anchored by Macy's, which is slated to occupy 160,000 square feet.
“The new Macy's will be a big draw for other retailers to lease space at The Mall at Bay Plaza,” says Sam Shalem, CEO and chairman of Prestige Properties.
The mall will also be physically connected to an existing JC Penney store at the Bay Plaza Shopping Center. When complete, Bay Plaza will total about 2 million square feet of retail space.
“Asking rent for the new mall will depend on the size of the space and the type of tenant, but will likely range between $100 to $200 per square foot,” says Shalem.
Located near the intersection of Hutchinson Parkway and I-95 in the East Bronx, the fashion mall will include 70 to 80 stores. The new mall is expected to create more than 2,000 construction jobs and more than 1,700 permanent jobs.
—Liz Burlingame