The Chetrit Group and Somerset Partners are betting big on the Bronx. The developers have recently purchased 5 acres of industrial land along the Harlem River. The Wall Street Journal reported that they plan to build up to six 25-story market-rate apartment towers on the land.

According to the Journal, “overhauling the area would cost at least $500 million in private investment and at least $200 million in local, state, and federal funds, with a percentage from developers for roads, sewers, flood prevention measures, and work to integrate a freight rail line with the public areas.”