Plans for Bronx luxury mall excite residents
The influx of high-end retail and desirable entertainment options often translates to increased property values and improved quality of life for a region. If this is the case, people thinking of buying one of the houses for sale in New York, NY, will likely be encouraged by the recently announced plans for a new luxury shopping mall in the Bronx.
The mall, which will offer coveted brands and famous products, is still in the planning stages, but residents, developers and tourists are already excited, according to The New York Times.
"If there was a [famous French shoe and bag designer] Louboutin sale in the Bronx, people would go in droves, no matter what," New York-based image consultant Amanda Sanders told the news source.
The plans for the upscale mall are being considered by real estate developer the Lightstone Group, which bought a nearly one million-square-foot plot in the Bronx neighborhood of Ferry Point, according to Crain's Business. Without such a mall, New Yorkers have been forced to trek out of the city - either to an upstate region, New Jersey, Long Island or Connecticut. The addition of a mall that sells fashionable items could be a boon for residents and tourists alike.
It's not just shoppers who would likely benefit, either. The attraction is expected to bring jobs as well as visitors and consumers, who would contribute taxed revenue to the borough's coffers, thereby improving property values in the vicinity.
"We welcome [the developers]. We support them," Marlene Cintron, president of the Bronx Overall Economic Development Corp., said to the news source.
The mall would not only be the first of its kind in the Bronx - it would be the only such facility in New York City. If the plans go through, the mall is expected to see a visitor rate that rivals or exceeds that of the Woodbury Common Premium Outlets, a similar shopping center nearly 50 miles north of Manhattan that draws massive crowds throughout the year.
According to the New York Times, Woodbury Common brings in 12 million people a year, which is more than Niagara Falls, the Metropolitan Museum of Art, the Statue of Liberty and the Empire State Building.
With projections like that, it's easy to see why those who own real estate in New York, NY, are excited for the potential positive effects of having a similar destination in their district.