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City Taps Developer for MXD Homeport Project

NEW YORK CITY-Ironstate Development will build 800 residential units in a $150-million mixed-use project along Staten Island's North Shore.

By Paul Bubny | Updated on September 17, 2009

NEW YORK CITY-The Bloomberg administration on Wednesday announced a developer for what will be the first phase of a long-discussed redevelopment of the Stapleton waterfront along Staten Island’s North Shore. Ironstate Development Co. will turn a decommissioned naval base into a $150-million mixed-use project.

Based in Hoboken, NJ, Ironstate will build two residential buildings of up to six stories each, totaling 800 rental units, along with stores and restaurants on the ground floor of the development and a waterfront esplanade. The city is putting up $33 million toward infrastructure improvements including major road reconstruction, according to a release.

Borough officials are hoping the project will help stem the exodus of young adults, according to published reports. A 2007 study commissioned by the Staten Island Economic Development Corp. reported that even as Staten Island was the city’s fastest-growing borough, its percentage of residents ages 18-34 was shrinking.

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