The development team behind a waterfront logistics center in The Bronx’s Schuylerville neighborhood has secured $305 million in financing to fund construction. The New York City-based developers include Innovo Property Group and Square Mile Capital Management, who worked with Bank OZK and the Structured Finance platform of EverWest Real Estate Investors to structure the deal.
The redevelopment of the riverside commercial site at 2505 Bruckner Boulevard, Schuylerville, has long been a mystery. Our last reporting on the project was back in 2015, when Extell acquired the 20 acres of land. The property has since passed along to Innovo Property Group and Square Mile Capital Management LLC, who will be building a massive, two-story, 840,000 square feet commercial distribution center. With two different levels of loading and unloading, it will be the first of its kind for the city, allowing for speedier and faster service on site.
The New York City School Construction Authority (SCA) has filed plans to build a four-story, 46,459-square-foot expansion on the grounds of P.S. 41 (a.k.a. Senator John D. Calandra School), at 3041 Bruckner Boulevard, in the East Bronx’s Schuylerville neighborhood. The 61-foot-tall expansion will be located at 3047 Bruckner Boulevard, which is north of the existing school. It will feature a cafeteria and administrative offices on the ground floor, and classrooms, storage space, and additional offices on the upper floors. George George’s Chelsea-based Kliment Halsband Architects is the architect of record. The current school grounds consist of the actual building, playgrounds, and a wooded park area.
Extell Development has purchased the East Bronx property at 2505 Bruckner Boulevard, in Schuylerville, from Lightstone Group for $41 million. The development site is currently occupied by the former 14-screen Whitestone Mutiplex Cinemas building, which Lightstone shut down in 2013 with plans to build a shopping complex. The one-million square-foot property boasts roughly 829,000 square feet of commercial development rights, according to The Real Deal.