NYCEDC Advances With Willets Point Agreements

NEW YORK CITY-The New York City Economic Development Corp. has moved one step forward on its Willet’s Point project in Queens. The agency signed two property acquisition agreements and one business relocation agreement with three landowners at Willets Point.

The new agreements amount to 2.7 acres, or 114,239 sf, and nearly double the amount of privately owned land at Willets Point that is now controlled by the City. As GlobeSt.com previously reported, under the City’s plan, the new mixed-use community will include housing units, restaurants, stores, parks, office space, and a public school. The project is said to also provide 18,000 construction jobs and more than 5,000 permanent jobs. NYCEDC has been engaged in active relocation and property acquisition negotiations with many businesses and property owners of all sizes since revealing its redevelopment plans last year, holding more than 100 meetings with such businesses and owners during this period. The total 30-year fiscal impact of the Willets Point redevelopment is estimated to exceed $4.2 billion.

In the past few weeks, the NYCEDC reached a property acquisition agreement with landlord MA Realty, as GlobeSt.com reported, and in late September, the redevelopment plan was approved with moderations at a City Planning Commission meeting, amidst continued calls by City Council members, ACORN, Queens for Affordable Housing, Pratt Center for Community Development, and Queens residents for the Economic Development Corp. to withdraw it and make major changes.