Greenwich, Conn.–based Starwood Capital Group plans to develop a 147,000-square-foot mixed-use facility in a designated opportunity zone in the Bronx, N.Y.
“The Bronx is New York City’s fastest growing borough, and we see continued opportunity to help bring new investment in the services, schools, office space and retail that have long contributed to the Bronx being such a vibrant community,” said Anthony Balestrieri, senior vice president and leader of Starwood Capital Group’s opportunity zone investment strategy. “We are thrilled to begin construction on 425 Westchester to bring a best-of-class charter school to the area that will serve hundreds of local families.”
The 10-story development, located at 425 Westchester Ave., will be anchored by a PK–8 charter school and include office space for a nonprofit organization as well as groundfloor retail.
“This project is representative of how Starwood’s opportunity zone business can deliver value-
