Is a Hudson Yards-style development set to take place in the Bronx? That's at least what its Borough President, Ruben Diaz Jr. is hoping. His office has put out a report which says that the decking of Concourse Yard, a subway depot adjacent to Lehman College, could yield as much as 2 million square feet of development space, The Real Deal reports.
Building a deck over the 19-acre property could cost anywhere between $350 million and $500 million, Diaz Jr.'s office estimates. In comparison, constructing a deck over Hudson Yards cost about $800 million, according to TRD.
Apart from Concourse Yard, Diaz Jr.'s office also considered two other rail yards in the borough, one at 240th Street and Broadway, and another at East 149th Street and Grand Concourse, but both sites were found less feasible than Concourse Yard.
Diaz Jr. has worked fervently to initiate a real estate boom in the borough, and already large projects are underway in different parts of the South Bronx. Previously Diaz Jr. had also announced that he was considering building a High Line/Lowline-style park on abandoned rail tracks, also in the Bronx.
· A development gravy train? Bronx rail yards could yield 2M sf of dev rights, study claims [TRD]
· Abandoned South Bronx Rail Tracks Could Become A Park [Curbed]
· New Mott Haven Development Will Have 293 Apartments, Hotel [Curbed]