Empire State Development (ESD) announced that it had selected Simone Development Companies, a full-service commercial and residential real estate investment and development company, to develop a new 33-acre office, academic, and medical center in the Bronx. The New York State Urban Development Corporation, d/b/a ESD, issued an RFP for the purchase and redevelopment of the 33-acre parcel in the Morris Park section of the Bronx in November 2013; the agreement with Simone, which is subject to a diligence period and public approval process, is for approximately $16 million, state officials note.
Joseph Simone, President of Simone Development Companies said: "Simone Development Companies has a long history of community investment and development in the Bronx, and we are excited to take this bold step forward and create jobs and economic opportunity in Morris Park. We believe that this project further illuminates the bright future ahead for the Bronx and its growing cluster of health care organizations and higher education institutions."
The $400-million mixed-use project is located at 1500 Waters Place, adjacent to Simone Development's 1.4-million-square-foot Hutchinson Metro Center office park and near the planned Metro-North Station in Morris Park. The site comprises the northeastern portion of the New York State Office of Mental Health (OMH) Bronx Psychiatric Center campus, including three primary buildings comprising an aggregate total of 900,000 square feet, as well as four smaller buildings and a steam generating powerhouse.
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