Construction starts on Bankside resi project in South Bronx

Brookfield Properties broke ground on the first phase of a $950m waterfront residential development in South Bronx’s Mott Haven neighborhood. The project, Bankside, will offer 450 apartments. The scheme will offer a total 1,350 units of which 30 percent will be income-targeted through the Affordable New York program. A total of 15,000 sq ft of ground-floor retail will be housed in the seven-building complex. Brookfield paid $165m for the land, which it purchased last year from Chetrit Group and Somerset Partners.