Rite Aid to anchor new Bronx shopping center

Real Estate Weekly, Dec 15, 1993

Procida Construction Corporation has broken ground in The Bronx on Crotona Center, the first new community-based shopping center to be built under the New York City Economic Development Corporation's Community Based Retail Initiative.

The project is especially notable because its anchor tenant is the drug store chain Rite-Aid, says William Procida, co-president of Procida Construction, which is the builder and a partner in the development of the site.

"Everyone said Crotona Center could not be built," said Procida. "We're not only building it, but we've brought a top-line tenant to the site."

The 14,000-square-foot shopping center is located at 180th Street and Crotona Avenue in the East Bronx. A joint venture between Procida and the Northwest Bronx Community and Clergy Coalition, the center is expected to be completed in the spring of 1994.

Besides Rite-Aid, two local merchants have already leased space, which represents expansion for them in the area. Two other stores, each about 1,550 square feet, are available to lease.

The site was officially designated by the City of New York five years ago, but its future was cloudy until Christine Procida, a principal in Procida Construction, succeeded in attracting Harrisburg (Pa.)-based Rite-Aid Corp. to the project.

"We met with several top executives of Rite-Aid and demonstrated to them the strength and viability of the area and of The Bronx as a whole," said Ms. Procida.

Financing for Crotona Center was arranged through the New York City Economic Development Corporation and the Community Preservation Corporation.

"Crotona Center will be distinctive in having a bright, open look about it." said William Procida. "For example, it will feature large display windows for all its stores, and a multi-colored striped brick facade." As an added feature, the developers are including roll-down security gates for each store, at no additional charge.

Founded in 1928, Procida Construction Corporation is a full-service construction and real estate organization, specializing in both luxury and affordable housing, as well as retail and commercial construction. The firm develops properties for its own account and provides development and construction services for outside clients. It also has a full-service bilingual real estate sales and leasing division.

Procida clients have included Carnegie Hall Corporation, Rockefeller Properties, East River Savings Bank, the International Commercial Bank of China, the City and State of New York, The Water Club and The River Cafe.