By DAVID CRUZ

A vacant parcel of property at a prominent part of Bedford Park is slated to become the next signature development by a real estate giant.

The Stagg Group, which has been buying properties in Bedford Park/Norwood, purchased a defunct mechanic shop at 150 Van Cortlandt Avenue East on the corner of Grand Concourse and Van Cortlandt Avenue East. Through loans, The Stagg Group, purchased the site for $7.1 million to convert it to what it dubbed “signature development,” another sign of the developer’s here to stay in the northwest Bronx.

The property was marketed and sold through Massey Knakal, the real estate firm that was recently swallowed up by Cushman and Wakefield. The Stagg Group purchased the properties entirely through loans, according to a report by the Commercial Observer. The property had sat vacant for quite some time, with a vintage U.S. Army truck seen parked at the gated shop.

Adolfo Carrion, The Stagg Group’s vice president, said the firm will create mixed-used housing that includes roughly 220 to 250 units of housing. Zoning maps indicate that the neighborhood is deemed an R8 zone, which clears projects that can run upwards to 17 stories, which is mandated to include off-street parking.

The firm was eager to buy the property, given its location near the Pickwick Arms, a historic piece of property that that rest on the Grand Concourse. During the turn of the century, the Grand Concourse was rising, with Art Deco buildings comprising the arterial roadway’s landscape that exists today.

“This is an opportunity to make a design statement that honors those important New York City roadways and the Art Deco heritage of the Grand Concourse,” said Carrion, in a statement. Carrion hinted that Bedford Park’s amenities–“parks, great transportation, and shopping”–contributed to the purchase.

The latest purchase comes amid a string of properties The Stagg Group has snatched up in the last year. It recently purchased a property at 3084 Webster Avenue at the corner of 203rd Street, for $4.1 million. It’s currently seeking tenants for its trio of buildings on Webster Avenue dubbed The Bedford Manor.