KOPPELL & DINOWITZ ANNOUNCE CONTRACT SIGNED FOR 230TH SHOPPING CENTER
Council Member Oliver Koppell and Assemblyman Jeffrey Dinowitz are pleased to announce that NYC Economic Development Corporation has entered into a revised contract with developer, Louis Ceruzzi, to build a shopping center at 230th Street and Broadway. The previous contract had never been finalized by Mr. Ceruzzi because economic conditions changed and building plans had to be altered with the discovery of underground water immediately below the surface. The water table level required changes in the design of the shopping mall. Despite the obstacles and the delay, Dinowitz and Koppell continued to push the city to come to an agreement with Mr. Ceruzzi. EDC officials credited the public officials with helping them to bring about the current contract.
Under the new contract, Mr. Ceruzzi has agreed to purchase the property from the city for $6 million by June, 2011 and to commence construction within 18 months or forfeit his purchase price. Mr. Ceruzzi has indicated that he is actively seeking tenants to lease the space that he is hoping that it will include one or more retail outlets, restaurants or potentially a health club.
"I am pleased that we are finally making progress at West 230th Street and Broadway. It’s been many years since I started pressing for the construction of a shopping mall at this site. I have worked hard to make this happen. I am eagerly anticipating the opening of a mall with excellent stores and looking forward to spending more of my money right here in the Bronx." said Dinowitz.
Koppell said, “I am deeply gratified that the city has finally reached an agreement with the developer. I have been working on trying to get a shopping mall at that location for many years in order to revitalize the area and provide attractive, convenient shopping and other amenities for people in the community and elsewhere.
I am very pleased that it appears our efforts are finally coming to fruition.”