Dive Brief:
- Turnbridge Equities, a New York City-based real estate investment and development firm, announced the topping out of the Bronx Logistics Center, the largest industrial development in New York City, according to a press release.
- Arco Design/Build Industrial, the Columbia, Maryland-based general contractor for the project, expects construction on the 14.2-acre, 1.3 million-square-foot site to be complete in the second quarter of 2023.
- The facility will offer 585,000 square feet of warehousing space across two levels, with private entrances for both floors, along with rooftop solar panels. About 25% of the site’s parking spaces will have electric vehicle charging stations, according to the release.
Dive Insight:
The Bronx Logistics Center is located about a five-minute drive from Manhattan’s Upper East Side and about a 20-minute drive from Long Island, New York. Its 730,000-square-foot parking area marks the single largest availability of parking in the New York City market.
The parking area’s EV charging station component also falls in line with a greater overall trend in a rise of EV-related construction. The sector has been pegged as one of the most recession-proof in the construction industry, especially off the back of the passage of the $52 billion CHIPS Act and EV tax credit included in the $485 billion Inflation Reduction Act.
Meanwhile, the warehousing sector is coming off a record year in 2022, where starts totaled around $57.1 billion, a 19% jump from 2021, according to Dodge Construction Network. Though economists don’t expect that record-setting pace to continue next year, 2023’s level of activity should still remain relatively high compared to pre-2020 levels.
