Keith Rubenstein's Somerset Partners and the Chetrit Group have joined forces to buy up five acres of land along the Harlem River waterfront in Mott Haven, and plan to turn the industrial stretch of the South Bronx into a residential community with "as many as six 25-story towers with market-rate apartments and ground-floor retail space," according to the Journal. The assemblage, at 2401 Third Avenue and 101 Lincoln Avenue, cost the developers $58 million and is expected to spark a wave of development that will finally turn Mott Haven into the gentrified wonderland of real estate magnates' dreams. "Once the Somerset [Chetrit] project gets under way, I think you will see a total turnaround of this area," the director of special projects for the South Bronx Overall Economic Development Corp told the Journal. "I think you will find this area becomes Williamsburg meets Dumbo." (Guess that makes it the Next Next Next Next Next Williamsburg, or something like that.)
Elected officials, led by Bronx Borough President Ruben Diaz Jr., who calls the Somerset-Chetrit project a potential "catalyst," have been pushing for a large-scale redevelopment of the South Bronx, which would cost $500 million and necessitate a substantial investment in infrastructure improvements. Last month Mayor Bill de Blasio announced that the city would make a $200 million capital investment in the Lower Concourse, and the development appears to be following. In turn, Bronx residents have begun organizing and protesting the impending price hikes and displacement that are sure to follow.
· Reviving the South Bronx Waterfront [WSJ]
· Mott Haven coverage [Curbed]