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The Bronx saw a record $3.3B in real estate investment in 2016

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Over half of that was to fund new residential development

The Bronx is booming with new development. Last year, the borough saw a record $3.3 billion invested in development projects spanning more than 14.2 million square feet, The Real Deal reports.

Those numbers represent a significant increase from 2015. According to a report from Borough President Ruben Diaz’s office, the amount of money flowing into the borough increased 37 percent, from $2.4 billion in 2015, and the amount of square footage being developed has increased by a full 41 percent.

A little more than half that investment went to residential developments. In 2016, TRD explains, the borough got 5,234 new residential units, three quarters of which were publicly subsidized—a response to the city’s push to get more affordable housing in the borough.

Among the bigger developments under way: Bronx Commons, a 303-apartment mixed-use complex in Melrose, which will also house a music hall; 1125 Whitlock Avenue, which will offer 474 apartments across two 14-story buildings; and The Peninsula in Hunts Point, which will transform the former Spofford Juvenile Detention Center into 740 affordable units, plus retail and recreational space. And it’s not just residential development that’s on the rise. The year’s largest project in the borough was the Kingsbridge National Ice Center, which alone accounted for $350 million of the total $3.3 billion.

The Chetrit Group and Somerset Partners are sniffing out a construction loan of up to $500 million for their unprecedented seven-building, 1,300-unit rental complex in Mott Haven, TRD reports. The project is expected to come with a $600 million-plus price tag. The rentals in those buildings, unlike many other projects blooming in the Bronx right now, will be entirely market rate.

That amount of funding would be more or less unheard of for the borough, which has “rarely, if ever, seen a construction loan exceeding $200 million, let alone a development of this scale,” TRD says. Somerset’s Keith Rubenstein told the source that the developers plan to break ground on the project in the next month, whether or not the loan has been placed.