New York City’s Hunts Point Terminal Produce Market has reportedly taken one step closer to being redeveloped after a US$10m federal grant was approved by the US Department of Transportation.
Provided the market’s current tenants sign a new lease to remain in the Bronx area of the city, the funding would be put towards modernising the market, which opened in 1967, according to a report by Crain’s New York Business.com.
The cash injection is apparently aimed at encouraging the 115 merchants to stay in the Bronx, rather than relocating to New Jersey when the current lease expires in 2014.
An agreement for the merchants cooperative to negotiate exclusively with New York City expires on 29 June, after which the group would be free to resume talks with New Jersey officials, who have expressed an interest in housing the market.
If the market does stay in the Bronx, both sides have agreed in principle to a US$332.5m redevelopment plan for the market, of which the co-op would fund US$160m, the report said.
“The US$10m goes to their side of the ledger,” said Matthew D'Arrigo, president of the merchant co-op.
“But it does not solve the problem of the merchants being able to borrow what they need at the right interest rate. We don't want to be mortgage poor and that's still a very big concern.”
According to local sources, the market needs more storage space, better food quality protection systems and improved logistics facilities.
The US$10m grant would apparently go towards developing rail infrastructure at the market.
Hunts Point Terminal Market is the second-largest wholesale market in the world and supplies 60 per cent of New York City’s fresh produce.
No comments yet