Triangle Plaza Hub
Triangle Equities (Triangle) is transforming an underutilized lot in the South Bronx into an 86,000-square-foot mixed-use, transit-oriented facility anchored by a full-service supermarket and an accredited college for working adults. The new two-story facility will also house retail and office space and a public plaza. LIIF provided Triangle with a $10 million allocation of New Market Tax Credits and a $5.75 million leverage loan as part of the $36 million transaction. LIIF’s leverage loan was funded by the New York Healthy Food Healthy Communities Fund. The new development is located in a highly distressed area of the South Bronx with little access to healthy food, poverty rates greater than 30% and unemployment levels at 1.5 times the national average. The mixed-use facility will create 188 permanent jobs, 50% of which will be targeted towards individuals who earn up to 80% of AMI, as well as 117 construction jobs.
Project Details
- Impact
- 14,500-square-foot supermarket
188 permanent jobs created
LEED Silver certification
Accredited college serving over 500 working adults
Commercial space will be solicited to minority and women owned businesses - Financing
- $10 million allocation of New Markets Tax Credits
$5.75 million leverage loan from New York Healthy Food and Healthy Communities Fund - Partners
-
- Empire State Development
- Goldman Sachs
- NYC Economic Development Corporation
- United Fund Advisors
- Triangle Development
More Information
Community Capital for Community Facilities
New Markets Tax Credits
