$950M South Bronx development Bankside set to open first residential tower this year

March 31, 2021

Renderings courtesy of ArX Solutions

The most expensive private development in the Bronx continues to progress. Brookfield Properties announced this month that the final tower at the phase one site of Bankside, a seven-tower waterfront complex in Mott Haven, has topped out. The $950 million mixed-use project takes up two parcels on either side of the Third Avenue Bridge on the Harlem River. Third at Bankside, located at 2401 Third Avenue, has officially topped out and developers have broken ground at Lincoln at Bankside, located at 101 Lincoln Avenue.

Brookfield purchased the two sites in 2018 from Somerset Partners and Chetrit Group for $165 million, setting a record at the time for the priciest development deal in the borough. The 4.3-acre development, which is being designed by Hill West Architects, first broke ground in 2019.

The towers on each site will display two different facade designs, with one mostly masonry and the other glass and metal to reflect the neighborhood’s industrial past, according to a press release.

As part of the first phase, the Third Avenue parcel consists of three towers, two 25-story buildings and one 17-story structure, all of which share an eight-story podium. With the topping out of the final tower on this site, the developers say the first residential tower will open by the end of the year, with the leasing of Third at Bankside’s 450+ units launching this fall.

The Lincoln Avenue parcel will have four towers and yield more than 900 apartments, in addition to retail and community space. In total, Bankside will bring over 1,370 apartments, with 30 percent of them “rent-restricted,” as 6sqft previously reported.

A new public waterfront park and esplanade designed by MPFP aims to make the Harlem River more accessible to the community. The 34,000 square feet of public space will feature both passive and active use, with native plantings and a variety of seating providing a place for residents to gather.

The development will also feature 15,000 square feet of local retail and a tech-based community center run by non-profit Project Destined.

“Mott Haven is known for its beloved local restaurants and shops, and we’re excited to support them – especially as we begin to recover from the pandemic,” Alireza Esmaeilzadeh, senior vice president, development, Brookfield Properties, said. “By making Mott Haven’s waterfront accessible to the entire community, creating new retail and community space, generating hundreds of new job opportunities, and more, our goal is to invest in the borough and knit the new development into the fabric of the community.”


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