Fresh Direct Bronx Development Project (Phase I)Loan Amount: $85,000,000
The NYCRC is providing an $85 million loan to Fresh Direct, one of the nation’s leading online, direct-to-consumer food and grocery providers. The EB-5 capital will assist with the construction of Fresh Direct’s new state-of-the art food processing, warehousing, and distribution center in the South Bronx. The new food processing and distribution facility will be one of the largest in New York City and will allow Fresh Direct to expand its service area and operate more efficiently by consolidating operations into one facility.
The new facility will include space for food processing, warehousing, and distribution as well as corporate offices for Fresh Direct. The Project site is located in an industrial park in the South Bronx known as the Harlem River Yard Transportation and Distribution Center. The industrial park is on land owned the State of New York and has been designated a special “Industrial Business Zone” by the City of New York.
New York City is home to a thriving food manufacturing, distribution, and retail industry. The sector is a vital part of the city’s economy. The construction of Fresh Direct’s new facility is a key component of New York’s efforts to strengthen and grow its food industry as well as create new jobs in the Bronx.