As I was standing a few weekends ago,waiting in line for Banner Day, I couldn’t get over the beauty of the view of the Iron Triangle. GEEZ, what a dump. Beautiful ballpark in a crappy area. I am glad, GLAD, that this is finally happening. Just not an appealing view at all.
“We are thrilled to have been selected by the City to advance the Mayor and the administration’s vision to rejuvenate Willets Point and completely transform a 23 acre dilapidated area into a stunning new mixed use neighborhood, which will become a destination and serve as a catalyst for future development and investment. We commend Mayor Bloomberg for his steadfast commitment to redevelop Willets Point which will benefit the borough’s economy with 12,000 union construction jobs and 7,100 permanent jobs in the initial phase alone. We look forward to working with the administration, EDC, local elected officials and the community as the development moves forward,” said Jeff Wilpon, EVP of Sterling Equities, Inc., and Jeff Blau, President of Related Companies, the joint venture partner entities of Queens Development Group.
Here are some details….
The Queens Development Group will acquire an initial 23 acres in the Special Willets Point District to the east of Citi Field to begin build-out of Phase 1 and will create a retail and entertainment attraction to the west of Citi Field, allowing for a more comprehensive and continuous transit-oriented development around access to the Mets/Willets Point stops on the 7 Train and Long Island Rail Road. Ultimately, the plan will unlock over 5 million square feet of new development in a unified district, transforming a contaminated area into a new neighborhood. The build-out will include retail, hotel and commercial uses to complement a residential community of 2,500 housing units, of which 875 units will be affordable. The expanded vision will infuse $3 billion of private investment into the local economy and create 7,100 permanent jobs and 12,000 direct construction jobs with MWBE and local hiring goals of 25 percent. During construction, the project will generate over $310 million in new tax revenue, and once operational will account for over $150 million in new annual tax revenue.
I am sure there will be some people against this but I think it will really help bring more oomf to Flushing. Read the rest of the article here.