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American Self-Storage Redevelopment Analysis |
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| GOAL |
Assist owners of a privately owned site with rezoning.
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| CHALLENGE |
Determine the appropriate mixed-use zone given the current economic climate and financial feasibility of a mixed-use project in the South Bronx.
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| OUTCOME |
A proposed zoning classification that is contextual and financially viable.
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The American Self-Storage site is strategically located in a district undergoing revitalization in the South Bronx. The area directly surrounding the site is witnessing the implementation of other economic development plans, including the Bronx Terminal Market, the new Yankee Stadium, and the proposed Lower Concourse Rezoning. However, the American Self-Storage site is presently zoned as an M1-2 district permitting industrial uses only. The 2.28 acre site contains a 3-story (approximately 118,000 square feet) structure containing a storage facility and public school, and an on-grade parking area for school buses.
Jonathan Rose Companies provided a redevelopment analysis for American Self-Storage to determine the financial feasibility of a mixed-use development program for the site. Working with Greenberg Farrow and legal counsel, Bryan Cave LLP, Jonathan Rose Companies advised American Self-Storage on redevelopment strategies that: capitalized on the revitalization efforts in the surrounding neighborhood; minimized developer risk; responded to market conditions; and complimented the physical character and uses of the neighboring properties. The proposed mixed-use program will require a zoning amendment to include residential, commercial, parking, as well as educational uses to relocate the existing public school to a new facility.
The work completed by our real estate advisory team will serve as the foundation for a proposed change to the current zoning designation by the New York City Department of City Planning. |
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Firm Role
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Planner
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Project Profile |
Consider the financial feasibility of the redevelopment of a privately owned, industrial zoned site in order to propose a mixed-use zone to City Planning.
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Project Team
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Architect / Urban Designer: Greenberg Farrow
Legal Counsel: Bryan Cave LLP
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Total Project Size
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108 square feet
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Completion |
2009
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