The first phase of an economic revolution in the south Bronx took place last week when elected officials broke ground on a six-floor spec office building.
This is the first spec office of this size in more than 75 years in the borough. The building will have more than 66,000 square feet of rentable space, including over 7,000 square feet of retail space on the ground floor.
On Wednesday, January 22, Signature Urban Properties and Monadnock Development held a groundbreaking ceremony with elected officials to commemorate the beginning of construction on a building in Mott Haven located at 110 E. 149th Street.
“We wanted to do something special here on 149th Street,” said Gifford Miller, the principal of Signature Urban Properties. “We wanted to be part of what we think is not just a renaissance, but a resurgence of this area as a real business community as an anchor for the growth that is happening all over this borough.”
He stressed that this will bring more jobs and developers to the Bronx.
Located right off the Major Deegan Expressway and across from the future home of the Hip Hop Museum at 65 E. 149th Street, the revival of the lower Grand Concourse is well underway.
“This will be the new center for business, for opportunity and growth for the Bronx,” he said.
District manager of Community Board 1 Cedric Lofton feels the new building will benefit the community.
“I think it will prove an opportunity for firms looking to expand into the borough,” Lofton said. “It’s a positive for the Bronx.”
Borough President Reuben Diaz, Jr. was smiling from ear to ear as he spoke at the ceremony. The Bronx was on fire in the 70s, but today it is booming, he said.
Diaz recalled how in the past people didn’t want to invest or work in the Bronx, but things are slowly changing.
“We’re creating an office space so that we can have jobs for Bronxites and New Yorkers,” Diaz said.
Diaz noted how this is hopefully a sign of more development to come. He added that the site of the building was once home to a pile of used tires.
“Today we celebrate the next step in ongoing positive redevelopment of the south Bronx,” Diaz said.
“This new development will contribute to the magnificence of the community and will give businesses an opportunity to experience our rich culture and dynamic nature while also helping to drive the future of our economy. I applaud Signature Urban Properties and Monadnock Development for their unwavering commitment to the prosperity of the Bronx and continuing to see the potential that exists throughout the great borough,” he added.
The office building will accommodate a wide range of businesses, with more than 11,900 square feet of rentable commercial office space per floor.
Signature Urban Properties and Monadnock Development are in the market for tenants.
The building’s opening is anticipated by the end of the year.
Signature Urban Properties and Monadnock Development have played a strong role in the growth of the south Bronx’s economy with the development of several high-profile affordable apartment buildings.
Recently, it unveiled Compass Residents Development in Crotona Park/ West Farms, which was part of the largest rezoning effort the history of the Bronx.