T
he groundbreaking for the Earl Monroe New Renaissance Basketball School in the South Bronx will be a significant event, with NBA Commissioner Adam Silver and other basketball dignitaries in attendance. However, the real victory belongs to developer Kiumarz Geula, who formed a joint venture to acquire the century-old building at 647 Elton Avenue and secured a 31-year lease with the charter school for $49 per square foot.

    Geula's joint venture includes David Damaghi, the previous property owner. The Elton Avenue property was transferred to Damaghi by Mansour Damaghi in 2001. Geula secured a $21 million loan from Bank of Hope to finance the project, which is expected to cost $35 million. The design, led by IMC Architecture and ESKW/Architects, features an 8,000-square-foot gymnasium and a dedicated broadcast studio.

    "This school is not your standard charter school design," Geula said. "The custom-designed space will provide the stability needed for the school to attract students and public funding." The rent will rise by 1 or 2 percent per year, which Geula described as "very standard" for charter schools. Upon completion in early 2026, the Earl Monroe School will serve 440 students in grades 9 through 12.

    The development team includes JV Construction & Consulting, Brisa Builders, and Tri-Star Construction, with Jack S. Irushalmi, CEO of Tri-Star, sitting on the school's board of trustees. The project is a significant investment in the Melrose section of the Bronx, where the charter school will provide much-needed educational opportunities for local students.