Location Pin New York City Metro

A Bronx Tale: 2929 Third Avenue

The South Bronx. The South South Bronx. A venerable business institution falls amidst a larger retail reckoning. In its place, a demonstration of local, circular economies at work in the heart of the South Bronx.

Overview

Urbane, in a joint venture with Five Points Holdings and Borough Equities, acquired 2929 3rd Avenue - a five-story former Modell’s Sporting Goods in the Hub section of the South Bronx in December of 2020. Seeing a unique opportunity, Urbane co-developed a financial model for acquisition and rehab of the property, and attracted LP capital to enable the creation of a new kind of community anchor in its place. 

Client

Urbane (self-initiated)

Duration

2020 - 2022 (projected)

Select Services

LP Capital Attraction

Financial Modeling

Development & Asset Management Strategy

Tenant Attraction & Technical Assistance

Apropos to the surrounding neighborhood, Urbane spearheaded the development concept and tenant attraction for a community-rooted economic opportunity hub. The bision centered on agglomerating some fo the borough's best entrepreneurship, capital access, and workforce service providers with tactical infrastructure and a BIPOC-owned anchor to spur the next generation of local food enterprises. Combined with affordable goods and services on the ground floor, 2929 3rd Avenue establishes a new community wealth-creating asset that connects BIPOC enterprises and individuals in the South Bronx to a one-stop network of service providers and a small business engine. 

Urbane sought a tentant mix suited to bolster specific clusters of local growth industries, and ensure a financilly sustainable project. Unlike the industry standard, Urbane will support tenants by fostering connections between the organizations and their respective clientele through an enhanced asset management model. The approach is rooted in cooperation and information-sharing to accelerate economic mobility in this majority Latinx and Black community. 

Upon completion, occupancy will include All Our Kin, Business Outreach Center (BOCNET), Bronx Fresh Food Company and American Outlet. The facility’s 3rd floor will be programmed by All Our Kin, an accelerator of early childcare providers, many of whom are proprietors of home-based micro businesses. All Our Kin offers direct coaching and cohort-based training, access to capital, as well as policy advocacy. BOCNET, a NYC-based Community Development Financial Institution, will anchor the 4th floor with a new office and workshop space. Core programming will include providing critical access to capital and technical assistance to Bronx-based small businesses, including and especially those connected through co-located entities.  

The 5th floor will feature Bronx Fresh Food Company (BFFC), a Black-owned micro food hub and ghost kitchen concept. BFFC combines local food aggregation, food service preparation, and distribution infrastructure to expand and fortify the sales pipeline for Bronx-based food businesses. Partnerships with Corbin Hill Food Project and the Black Farmer Fund will link Bronx Fresh Food Company to a wide network of black-owned local and regional farms and food production businesses in the Bronx, Westchester, and throughout the wider 250-mile food shed. Urbane is providing ongoing technical assistance to BFFC to secure working capital and tenant improvement for the micro food hub. 

Finally, the project includes ground and 2nd floor retail occupied by American Outlet, a long-standing East Harlem-based neighborhood discount department store expanding to the Bronx.