Community Renewal Good Stories - New York City

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New York, New York Empowerment Zone

EZ Facility Bonds Help to Construct East River Plaza

“Upper Manhattan continues to grow in so many wonderful and diverse ways,” said Kenneth J. Knuckles, President and CEO of the Upper Manhattan Empowerment Zone Development Corp. (UMEZ).

UMEZ has helped to improve the economic, cultural and social fabric of Upper Manhattan by providing much-needed funding to local retail establishments, large scale commercial projects, as well as cultural institutions, groups and individuals.  Since 1996, UMEZ has invested over $224 million in Upper Manhattan and created approximately 9,000 jobs.

For example, the East River Plaza Mall project continues to move steadily towards completion and is expected to open in early 2010. 

In the fall of 2005, UMEZ approved a $15 million loan and $40 million in triple-tax exempt Empowerment Zone Bonds that will help turn the 6.2 acre site, located on the FDR Drive between 116th and 119th Streets, into a vibrant commercial center in East Harlem.  The project's retailers, which include Best Buy, Costco, GameStop, Marshalls and Target, will offer a shopping environment that is new and unique to the community.

The project’s objective is to create an environment for the big-box stores and national retailers, utilizing the site's large floor area, thereby allowing big-box stores to have a single floor "suburban style" location in Manhattan.  

The project’s developer is Tiago Holdings, LLC, the construction manager is Tishman Construction Corporation and the project’s consultant is The Darman Group.

In addition to the jobs created during the construction period, once completed, the East River Plaza Mall is expected to provide more than 1,400 permanent jobs for to the area.