"It's also true that this part of the city can be doing better," says Mayor Michael Bloomberg. "This new vision of Hunts Point will attract and grow businesses, put people to work and make the community a more vibrant place to live." The Hunts Point Peninsula has an area of approximately 690 acres, with almost half made up of the 329-acre Food Distribution Center. Much of the New York region is fed by the center, which has more than 115 wholesalers that generate revenue of more than $3 billion a year. There are a number of new developments in the center including the opening of the $85-million Fulton Fish Market this spring and the already developed $25-million Produce Market.

The Department of City Planning will rezone the area to encourage the growth and expansion of the food-related industry. The rezoning is also intended to protect the adjacent residential neighborhood, while discouraging the expansion of waste-related uses in sensitive areas.

Dovetailing with the Hunts Point initiative is the Related Cos. plans for the 26-acre Gateway Center near Yankee Stadium between East 149th Street, River Avenue and the Harlem River. Related is proposing a $330-million effort that features approximately a one-million-sf mixture of big box, specialty and smaller retail in five new buildings, parking space for about 3,000 cars and a one-acre public park with an esplanade. Construction will take about two years, and the entire retail center is expected to open in 2008. The city will grant Related a 49-year lease for the property, with options to extend to 99 years. The project will create more than 2,400 construction jobs and about 2,100 permanent jobs and generate approximately $21 million in annual tax revenue for the city, according to Related.