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A ribbon cutting ceremony was held last Thursday to celebrate the opening of the housing and public space components at phase one of Bronx Point, a $349 million mixed-use development on the Harlem River waterfront in New York City’s South Bronx.

The event marked the official opening of 542 new housing units at the project – which was co-developed by L+M Development Partners and Type A Projects – as well as 2.8 acres of a new waterfront public park and esplanade open to the public. Bronx Point will also feature retail stores and an early childhood space run by the nonprofit BronxWorks, and it is the future home of The Hip Hop Museum, celebrating the Bronx-born music genre celebrates its 50th birthday this year. It is also located within walking distance to multiple institutions, including the Bronx Children’s Museum, Hostos Community College, Lincoln Hospital and Yankee Stadium.

Bronx Borough President Vanessa L. Gibson declared the project “a huge win for our borough and serves as an example of the work that is being done to transform the image of our borough from something negative to a narrative that truly reflects the growth and potential of our communities.”