The Hunts Point Terminal Produce Market was approved Tuesday for a $10 million federal grant that will go towards the redevelopment of the 45-year-old market—if merchants there sign a new lease to stay in the Bronx.
The city has been negotiating a long term lease with the 115 merchants based at the market for over a year. The two sides have agreed in principle to a $332.5 million redevelopment plan that will be funded with public and private money. But securing the funds has been a challenge for both the government and the merchants, who had also been negotiating with officials in New Jersey about building a new market there.
The grant from the Department of Transportation was secured with the help of members of New York's Congressional delegation including Sens. Charles Schumer and Kirsten Gillibrand, as well as Reps. Joe Crowley and Jose Serrano.
"The $10 million 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." The merchants are expected to finance $160 million.
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