GlobeSt.com UPDATE: City Selects JV for $500M Flushing Development

FLUSHING, NY-A joint venture comprised of New York City-based Rockefeller Group and locally based TDC Development and Construction Corp. plans to invest more than $500 million to redevelop a five-acre site here. The New York City Economic Development Corp. selected the partnership called Flushing Commons LLC today from a field of 13 candidates.

The Flushing Commons will be developed on a site known as Municipal Parking Lot 1 in the Downtown area here. The project, which is expected to create 2,000 construction jobs as well as 2,000 permanent ones, includes approximately 500 residential units with 20% marketed to seniors, a business-class hotel and 350,000 sf of retail space for local and national retailers, restaurants and a multi-screen cinema. There will also be 20,000 sf allocated for community/cultural space, 15,000 sf for small professional businesses and a one-acre town square of open space with a fountain plaza. Parking for 2,000 cars with short-term parking at below market rates in response to community requests is also part of the effort. There will also be 50,000-sf recreational center.