City's plan to redevelop the S. Bronx expected to bring more jobs to the area

The South Bronx will soon be home to new businesses and hopefully new jobs.

Just north of the Hub's business district sits a city-owned lot that has been vacant for years. But on Tuesday, the mayor and borough president announced that a $53 million project is about to turn the vacant lot into an up and coming shopping destination.

New stores and city offices will be built on the site. And the Department of Finance offices are expected to be made bigger in order to better serve the residents of the Bronx.

City officials are hoping the project will create more than 400 jobs in the Bronx, which is good news to an area that has seen its jobless rate soar.

The project is set to begin by the summer and is expected to last about two years.

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