Throughout The Bronx, we are seeing powerful signs of an economic renaissance – with cranes in the sky building thousands of new units of housing, as well as additional buildings for the borough’s medical centers and 12 colleges and universities. This revitalization plays a key role in innovation and job creation, and helps small businesses, entrepreneurs and creators open their doors.
This historic transformation took another leap forward last month when Governor Kathy Hochul announced a $20 million investment in Greater Morris Park, an area composed of Bronx Community District 11 and part of Community District 10, that includes the neighborhoods of Pelham Parkway, Indian Village, Parkchester/Van Nest, Westchester Square and Pelham Bay. This funding is part of a larger $200 million state-wide initiative to revitalize urban centers through the Downtown Revitalization Initiative. This is the largest single investment announced through the initiative to-date. It aligns closely with the effort to increase affordability, spur new housing development and enhance quality of life for New Yorkers.
The funding couldn’t have come at a better time, as it aligns with major investments slated to transform transit access in the Bronx. Four new Metro-North stations will be built as part of the Penn Station Access project, seamlessly connecting a portion of the Bronx that has long been a transit desert to our regional economic engine. Two of those stations will be located in the Greater Morris Park area. Residents will see commuting times reduced by over an hour, unlocking amazing potential that will benefit all Bronxites.
The investment in Greater Morris Park is not simply about deepening the connection of The Bronx to the city and Connecticut. It’s about showing how The Bronx is already a major healthcare and education hub that is home to Albert Einstein College of Medicine, Jacobi Medical Center, Calvary Hospital, Montefiore Medical Center, and Bronx Behavioral Health Center. Albert Einstein College of Medicine made headlines this year with the announcement that a $1 billion endowment will guarantee free tuition for medical students, attracting top talent for years.
The city is also making significant economic investments in the neighborhood. Strategic rezoning approved in 2024 is opening up new opportunities, including 7,500 new housing units bringing in 20,000 new residents, 10,000 new jobs, and over 2.5 million square feet of new commercial and community space are projected as a result of these changes. That amounts to $500 million in public investment for infrastructure, schools and open spaces.
With all these investments in process, we must look at the Greater Morris Park area as another central business district outside of Manhattan. The city has invested in building major business centers in Downtown Brooklyn and Long Island City. This is the opportunity for The Bronx to thrive like those areas have in recent years.
Recognizing that, Simone Development Company already invested in the Greater Morris Park over 20 years ago. The Governor’s investment will elevate Simone’s Hutchinson Metro Center – which consists of a hotel, a hospital and several businesses – as a premier commercial and residential district.
The $20 million investment announced by Governor Kathy Hochul this month will prime the area for all these larger investments – the MetroNorth stations, new housing and retail, open space and other public realm improvements.
We’ve already identified additional projects that could receive funding, that will in turn support local businesses and job creation. The BXEDC will oversee a meticulous selection process together with the Bronx Borough President’s office. As the manager of 12 Business Improvement Districts (BIDs) and the organization responsible for unlocking $10M in funding for Bronx-based businesses through the New York Empowerment Zone initiative, we are prepared to do this work.
With historic investment, transit expansion, and economic development on the rise, the Bronx is ready to grow. Now is the time for Bronx boosters to come together with the resources and investments to seize this momentum. Bronx residents have heard promises of a new economic era dawning before – but this time, the Bronx Borough President, the Bronx Economic Development Corporation, our government officials and stakeholders will make it happen. The Bronx means Business!
Vanessa L. Gibson is the 14th Bronx Borough President, elected to office in 2021. Rob Walsh serves as president of The Bronx Economic Development Corporation.
