Gotham Retail Plaza is located on the first of two parcels owned by BDG. The second parcel backs the Retail Property and consists of approximately 22,000 square feet with frontage on 126th Street. This parcel is currently used as a surface parking lot, leased and operated by Champion Parking. BDG is in the early stages of pre-development of a residential apartment building, including conceptual design studies with the design architect, Bjarke Ingels Group (“BIG”). BIG is headed by Bjarke Ingels who is known for his programmatically and technologically innovative designs.
Like the Retail Property, the Residential Project will benefit from the site’s excellent location adjacent to the NYC Transit 4, 5, and 6 subway stop at 125th Street, as well as the Metro-North 125th Street Station, the FDR Drive and the Robert F. Kennedy Bridge. In addition, residents of the new residential development will enjoy the excitement and convenience of the historic 125th Street corridor. This corridor has recently undergone a tremendous revitalization, with such retailers and restaurants as Red Rooster, Corner Social, Harlem Shake, the Cecil, Joe’s Crab Shack, Party City, DSW Shoes, Blink Fitness and Red Lobster. A Whole Foods store is being built just a few blocks west of the Residential Project.
The Residential Project will include underground parking for tenants, and will likely contain a retail component on the lower floors; this retail space will have frontage on 125th Street by incorporating one of the Retail Property’s smaller retail suites into the new mixed-use building, thereby adjoining the two properties on the ground level. BIG has focused on creating an iconic design while maximizing available FAR under the existing height requirement of 120 feet.
The Residential Project will include approximately 250 apartments and additional commercial space.
The Owners project construction of the Residential Project began in September 2016.