NEW YORK CITY-A firm has been chosen to redevelop the city-owned Queens Plaza Municipal Garage in Long Island City. QPMG Associates LLC won the bid to construct 1.5 million sf of mixed-use space on the site.

The $700-million project will begin with demolition of the existing five-story parking garage located on a site bounded by Queens Plaza South, Jackson Avenue, 42nd Road and 28th Street. QPMG, a joint venture between an the Louis Dreyfus Property Group Queens Corp. and Arete LIC LLC, proposes to build either a single tower or two smaller towers on the property. The complex will include ground-floor retail, office space and replacement of the 1,100-car parking facility. Construction is expected to begin in fall 2002.

City officials are calling the project part of an ongoing trend toward the development of Queens as an option for expanding or relocating businesses. “Following MetLife’s recent decision to move 1,000 employees to its new Long Island City location and the continuing progress at Queens West, this project will ensure Long Island City’s future as a major business district.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.