Developer

Triangle Equities

PROJECT PROFILE

New Construction of 88,000 SF mixed-use retail and office facility
LEED Silver Certification

PROJECT TEAM

Architect: S9/Perkins Eastman
Landscape Architect: M Paul Friedberg & Partners
General Contractor: ZDG

COMPLETION

2015

FINANCING

Goldman Sachs Urban Investment Group
New Markets Tax Credits Syndication
NYS Empire State Development (ESD) Grant
NYS ESD Subordinate Loan
Senior Construction Debt

APPROVALS OBTAINED

CEQR Negative Declaration
Metropolitan Transit Authority
384(b)(4) – Mayoral Authorization
BSA Zoning Variance

Awards

2014 Novogradac Community Development Award, Real Estate


SUMMARY

Triangle Plaza Hub is the result of a public-private partnership with the City of New York. Triangle Equities was selected through an RFP process run by the New York City Economic Development Corporation (EDC) for the development of a mixed-use retail and office facility that is consistent with both the Bronxchester Urban Renewal Plan and the City’s South Bronx Initiative.

The project will provide a variety of community amenities, including a campus for the Metropolitan College of New York, a public plaza located at the intersection of Bergen and 149th Street, and a Fine Fare supermarket, which is being built in an underserved area as part of the City’s Food Retail Expansion to Support Health (FRESH). Additionally, the building will feature rooftop parking for 83 cars in an effort to maximize space for retail and office use.

The project is a joint venture between Triangle Equities and Goldman Sachs Urban Investment Group, and is financed in part by New Markets Tax Credits equity, private equity, and conventional debt. The project will result in approximately $35 million in total investment.

The building will achieve LEED Silver certification and will utilize brick, masonry, and industrial building materials that are contextual to the neighborhood. Triangle Plaza Hub will activate the street level fronted on 149th Street by maintaining street walls and implementing glass facades in order to create an inviting pedestrian entrance and ensure transparency on its upper levels.