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Bold Charter School has a $30 million, eight-story facility in the works after signing a leasehold agreement in the Bronx.
Bold plans to redevelop the retail property owned by Joseph Riegler at 1472 Boston Road in the Crotona Park East section of the borough into an 81,600-square-foot school, The Real Deal first reported. The leasehold condominium deal for the retail property comes with a term of 39 years.
Open Impact Real Estate’s Lindsay Ornstein, Stephen Powers and Casey Noel along with Thomas Hines of Transwestern represented the Bold Charter School, while Nick Zweig of Locations Commercial Real Estate represented Riegler’s organization.
The leasehold will allow Bold to save on taxes while remaining near where existing students live, according to Zweig. The redevelopment is expected to be completed by the spring of 2025, Open Impact and Transwestern said.
The site currently holds a 17,300-square-foot retail property that was formerly leased to grocery store chain Fine Fare, according to TRD. Bold’s new school — which is expected to open in 2025 — is expected to serve more than 800 students from kindergarten through eighth grades and will include a gymnasium, cafeteria and rooftop play space, TRD reported.
This could be Bold Charter School’s third location in the Bronx after leasing 10,000 square feet on the second floor of 1093 Southern Boulevard in the Bronx’s Longwood neighborhood, Commercial Observer previously reported, with the first location being across the Bronx River at 1090 Close Avenue in the Soundview section.
However, TRD reported those were “temporary facilities.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
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