Submissions are due in mid-March for plans to revitalized the 48-acre Willets Point area. According to a spokesperson for Muss, the plan will complement and not compete with plans for the Willets Point area. Last summer, the city revealed a preliminary framework for revitalizing the Downtown community that calls for improved transportation facilities and a connection to the waterfront. According to the New York City Economic Development Corp., the ultimate goal of the plan is to create an expanded Flushing core, with the river linking Downtown to Willets Point and creating a cohesive whole. Possible uses for the site, according to the EDC, include an entertainment district, a regional retail center, a hotel and conference facility, amusement and recreation as well as office, industrial, park and residential developments.
The 3.2 million-sf Muss initiative includes a 725,000-sf retail center and approximately 1,000 residences. New York City-based Perkins Eastman is designing the project. Acco Retail tenants already have committed to more than half of the total net space available. According to a Muss spokesperson, two anchor tenants who both already have multiple locations in New York City have committed to 300,000 sf. The retail shopping areas are slated to open in the fall of 2007 and the apartments will follow in the spring of 2008.
According to Amanda Burden, chair of the City Planning Commission, in 1998, the commission first acted to rezone this site and others in the surrounding area for commercial and residential use in collaboration with the Flushing Task Force. Joshua L. Muss, president and CEO of CE Flushing LLC says, "The development of this long-underutilized land will provide a major economic stimulus to the region." The project is expected to generate 5,000 construction jobs and more than 2,000 permanent jobs, as well as approximately $28.5 million in annual tax revenues to the city and state.
The $265-million expected total cost of the Willets Point project excludes land, but includes parking, infrastructure and open space costs. New York City Mayor Michael Bloomberg has said improving and investing in the five boroughs is a critical component of his strategy. Those collaborating on the framework for Flushing included various city and state agency representatives, community leaders, while the planning firm of Cooper Carry Inc. and Economics Research Associates led the consultant team. Other members of the team included Jeanne Giordano Inc., Thomas Balsley Associates, Eng Wong Taub, and Geto & de Milly.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.