NEW YORK CITY—What will eventually be the city's first outlet center as well as neighbor to the Western hemisphere's tallest Ferris wheel broke ground Thursday, as representatives from developer BFC Partners and the public and private sectors hoisted ceremonial shovels for Empire Outlets, part of the “Core Four” projects poised to transform Staten Island's North Shore. Earlier this week, the 340,000-square-foot retail component of the one-million-square-foot project announced that about 100,000 square feet of space has been leased to tenants including Nordstrom Rack and H&M.
BFC principal Donald Capoccia calls Empire Outlets “awell-timed catalyst that will trigger the transformation of the North Shore and position Staten Island for sustained growth into the foreseeable future. This project will be a dynamic economic engine for New York City, creating more than 1,800 construction and permanent jobs that will benefit its residents, businesses, cultural and community organizations for generations to come.”
Capoccia and fellow BFC principal Joseph Ferrara were joined Thursday by Lt. Gov. Kathy Hochul, New York City Economic Development Corp. president Kyle Kimball, Staten Island Borough President James Oddo, Councilmember Debi Rose, NYC & Co. EVP Kelly Curtin, Goldman Sachs Urban Investment Group managing director Margaret Anadu, New York Wheel LLC CEO Rich Marin and Staten Island Yankees owner Nick Tiller. Goldman Sachs, through its Urban Investment Group, provided $130 million of capital for Empire Outlets.
Along with 340,000 square feet of retail that will be home to approximately 100 designer outlets, BFC plans a 190-key hotel that will provide views of the Manhattan skyline. BFC Partners will also build a 1,250-space structured parking garage below the retail and hotel components to accommodate commuters and visitors. Construction is expected to be completed in 2016. The adjacent New York Wheel, which will stand 630 feet tall when completed, is expected to break ground in the coming months.
Both projects are among several initiatives undertaken by the city to revitalize the borough's North Shore. Lighthouse Point will include more than 100 residential units, a hotel, a diverse mix of retail shops and dining options, public open space and parking. The New Stapleton Waterfront will provide additional housing, open space, infrastructure and resiliency improvements to the North Shore.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
