NEW YORK CITY-A wave of new mixed-use development continues to flow through Downtown Flushing, its latest addition being the $125-million One Fulton Square development at Prince Street, Roosevelt Avenue and 39th Avenue, which broke ground in the borough this week, TDC Development, part of the F&T Group, confirms. The 332,000-square-foot complex will consist of two towers, one nine-story 168-room Hyatt Place Hotel and one 12-story serviced apartment building with a two-level underground 300-space parking garage. Both buildings will contain approximately 63,000 square feet of retail space at the ground level, first floor and second floor.

Describing the project as a way to stimulate the local business economy in Flushing, TDC Development president Michael Myer says the complex is the latest addition in northeast Queens’ development boom, which also includes TDC’s 1.8-million-square-foot Flushing Commons plan and the 62-acre redevelopment of Willets Point. “We are trying to create a destination with work, play and residential,” he says, anticipating that construction will take place within three years.

Situated on a 39,573-square-foot lot, the developers acquired the part of space more than 10 years ago when it was merely a surface parking lot, Myer says. The group then acquired the adjoining piece, which fronts Roosevelt and Prince Street on the corner, three years ago. Once the city OKs the final plans, the development, which will be designed by Margulies Hoelzli Architecture, provides for 43 apartment units, 23 retail units and 18 medical and office units.