Cord Meyer Development is creating three new residential buildings at the Bay Terrace Shopping Center.
Rendering courtesy of Cord Meyer Development
Cord Meyer Development announced plans to introduce a residential community of three buildings totaling 145 housing units at the Bay Terrace Shopping Center, with construction likely to begin this month.
The three Class A rental apartment buildings will each be five stories tall. They will be built on the upper-level parking areas off of 26th Avenue. This location was decided after parking and traffic studies determined that the area was underutilized. This is an as-of-right project, meaning that it will comply with the zoning regulations, codes and requirements already in place.
Rendering courtesy of Cord Meyer Development
Residents will have direct walkable access from the apartment buildings to grocery shopping, dining, entertainment, fitness and a wide range of national and local retailers in the Bay Terrace Shopping Center.
Amenities available in the buildings include rooftop terraces, outdoor gathering spaces, resident lounges, clubhouses, co-working areas, a live-in superintendent and elevators. Many of the units will have private terraces or balconies. Additionally, several of the first-floor units will have individual entrances. The buildings will have a parking garage below them for residents, with one space per unit, as well as electric car charging stations.
The addition of these three rental apartment buildings represents an investment of more than $100 million. It comes after a recent multi-million-dollar investment into the shopping center by Cord Meyer.
Rendering courtesy of Cord Meyer Development
“For over a year, we have been speaking with members of local community boards, elected officials in the area, as well as stakeholders in the immediate vicinity of the shopping center,” Cord Meyer Development Vice President Joe Forgione said. “It’s something that’s been in the works for a long time.”
Apartments will range in size from one-bedroom units to three-bedroom units. At least 29 (20%) of the 145 units will be reserved for affordable housing.
Throughout the planning process, Cord Meyer Development had decided to provide updates to civic groups, community board members and elected officials.
“We wanted to engage them to make sure that they know we’ve done our research and that the project is viable and takes into account parking and traffic concerns,” Forgione told QNS. “The project is fully approved by the Department of Buildings. It’s not a rezoning that would require any type of hearing.”
Construction of the buildings is expected to take approximately two years. The shopping center and its retail locations on the upper levels, including AMC Theaters, PM Pediatrics and Mito, will remain open throughout the duration of the project. Five Guys will soon be moving to the lower level. Coordinated parking and access signage will be available to direct visitors of the retailers on the upper level to the parking garage via the main entrance on Bell Boulevard.
“This is part of Cord Meyer making the shopping center a thriving location for years to come,” Forgione said. “We’ve made a big investment in starting to improve the facades, the outdoor seating areas and event spaces. We’ve worked with the community to bring in different non-profits and partner with local community groups really to change the experience of attending the shopping center. Consistent with the theme of many shopping centers across the country, we’re creating a more live/work/play environment. We’ve targeted an area that will have the least disruptions to our existing tenants. An area that is currently just a large parking lot that we feel we can turn into a new and exciting area in the shopping center by creating this new drive aisle that runs from 26th Avenue to the existing parking garage, with a tree-lined streetscape that should attract new shoppers and tenants as well.”
Those interested in learning more about the project can go to bayterrace.com/residential/. The website will also be providing updates with additional information as construction continues. Contact information is available there for people who may have further questions and wish to reach out.
“Everything we’ve done, all our investments over the past several years, have been to ensure the shopping center remains a thriving place,” Forgione said. “That includes modernizing the facades and creating these exciting new areas to keep the center active. They’ll have built-in shoppers in our future residences. The thriving new section of the shopping center should attract more shoppers and retail tenants as well.”