Fine Fare Supermarket Project

Bronx,
NY
(2010)

Fine Fare Supermarket Project

Community, Grocery and Fresh Food, Mixed-use, Retail

NMTC financing for the renovation of a vacant 19,000-sq. ft. building to house a brand new Fine Fare supermarket

Investment

NMTC Amount: $10,500,000
Total Project Cost: $11,100,000

IMPACT

95 FTE jobs
30 construction jobs

CDEs

Carver National Bank

Investor

Unknown

New York City Industrial Development Agency (NYCIDA) provided NMTC financing for a vacant 19,000-square-foot building to house a brand new Fine Fare supermarket. The new supermarket created 80 new jobs and represents a private investment of approximately $4.8 million.

The project generated nearly $9.4 million in tax revenue for the City over 25 years and is being assisted with a total of approximately $4.5 million in sales and real-estate tax exemptions over 25 years. The assistance was approved under the City’s Food Retail Expansion to Support Health (FRESH) program, which was created to increase access to food in underserved communities by incentivizing the establishment and retention of neighborhood supermarkets. Build NYC Resource Corporation (Build NYC) also held its board of directors meeting today, and voted to approve Manhattan College for approximately $26 million in triple-tax-exempt bonds. The Fine Fare supermarket, to be operated by East Gun Hill Road Food, LLC, will become the fourth Bronx-based supermarket to have received assistance under the FRESH program. In total these supermarkets will have helped to create and retain 330 jobs, and provide nearly 126,000 square feet of new or renovated supermarket space.

MAP

Address: 1221 Build Fteley Ave, Bronx, NY 10472

Census Tract: 36005008700

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