The project will accommodate 5,000 new units of housing, with 60% reserved for moderate- and middle-income families. It will also include more than 11 acres of landscaped waterfront parkland, new retail shops, community facility space and an 1,100-seat high school.
The city says the first phase of the $175-million infrastructure and park design work will begin this fall, and is expected to catalyze more than $2 billion in private investment. It's all in keeping with the Hunter's Point South rezoning approved by the City Council in November.
According to the agreement with ESDC and the Port Authority, the City now controls the title of the 30-acre site in exchange for an obligation to pay $100 million in Queens' capital projects that were the responsibility of the Port Authority. Details of those capital projects are being finalized.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
