When The Mall at Bay Plaza opens to the public in 2014, adjacent to the highly successful outdoor Bay Plaza Shopping Center, it will be heralded as the first enclosed fashion mall in the New York City area in nearly 40 years.
That’s big news. Particularly at a time when new development has taken a back seat to redevelopment of existing assets.
The owner of the Northeast Bronx 1.3-million-sq.-ft., 25-year-old Bay Plaza Shopping Center, Prestige Properties, isn’t cutting any corners on the $300+-million development project that will add a 780,000-sq.-ft., first-class, enclosed retail mall along with an 1,800-car parking garage. In fact, the New York-based company is pulling out all the stops, injecting luxury after luxury into the prized property.
“Our vision has been to design and build the highest-quality enclosed fashion mall that sets the standard for the industry, and certainly for the New York City area,” said Sam Shalem, chairman and CEO, Prestige Properties.
To do that, Shalem and his team sourced a world-class architect – Altoon Partners out of Los Angeles – and charged them with creating an iconic property comprised of timeless, classic and elegant elements and materials.
“We spared no expense,” said Shalem. “We are building something that we – and the community – will be proud of.” The trade area will be substantial, as consumers from the surrounding area – counties of The Bronx, Westchester and Manhattan – are projected to shop the state-of-the-art destination ideally situated at the crossroads of The Bronx and Westchester – specifically, on a corner parcel at the intersection of the Hutchinson River Parkway and Interstate 95 where a combined 250,000 cars pass a day.
Not surprisingly, the retail response has been huge. Macy’s will build a three-story, 160,000-sq.-ft. store – its first ground-up project in New York in 15 years – and join the existing J.C. Penney as a mall anchor. Current tenants of the existing Bay Plaza Shopping Center – some of the national chains’ highest-performing stores on a per-sq.-ft. basis – are expected to further ramp up results in the new iteration.
New retailers will join the property as well. “We’re bringing in major name brand and designer stores, ranging from fashion, accessories and home furnishings to restaurants, a health club, entertainment and a host of desirable amenities,” said Jerry Welkis, who along with Allen Cooperman of Welco Realty Inc., are leading leasing efforts on behalf of Prestige. “Leasing has been progressing exceptionally well.”
Given that the existing outdoor shopping center has been a retail mainstay for 25 years, it is expected that the new high-end enclosed sister property, new amenities, new anchor and new experience will serve only to energize the shopping environment and spur sales at the entire project.
“Retailers are buzzing about The Mall at Bay Plaza,” said Welkis. “And Prestige is giving them something worth talking about. In my opinion, this is THE project for 2014, bar none.”
For leasing information, contact Welco Realty Inc., 914-576-7500:
Jerry Welkis, firstname.lastname@example.org
Allen Cooperman, email@example.com
James O’Brien, JOBrien@welcorealty.com