NEW YORK CITY-City Council on Wednesday gave final approval for a historic redevelopment plan that will allow the Queens Development Group—a joint venture between Sterling Equities Inc. and Related Cos.—to invest $3 billion to make Willets Point into a mixed-use neighborhood.
“Today's approvals mean that the historic vision for a redeveloped Willets Point is finally going to become a reality,” said Queens Development Group. “Thanks to today's actions, we are going to transform a contaminated site into a new community with thousands of new jobs, affordable housing, retail, and open space.”
The Willets Point redevelopment will clean up 23 acres of contaminated land and unlock five million square feet of new development that will include 2,500 housing units—of which 875 units will be affordable—retail, hotel and commercial space. It also will create over six acres of open space– without removing any existing open space—as well as a new school and recreational facilities for the area.
The redevelopment is slated to create 12,000 union construction jobs and 7,100 permanent jobs, with MWBE and local hiring goals of 25%. Additionally, more than $310 million in new tax revenue is expected to be generated during construction and more than $150 million in new tax revenue will be created annually during operation.
The approval marked the culmination of the city's Uniform Land Use Review Procedure and followed similar approvals by Queens Community Board 7, Queens Borough President Helen Marshall, and the City Planning Commission.
Joint venture officials said, “Councilwoman Julissa Ferreras, speaker Christine Quinn and the City Council, along with mayor Michael Bloomberg, the Economic Development Corp., the City Planning Commission, Community Board 7, Queens Borough President Helen Marshall and countless civic and labor leaders can all take pride in playing a role in creating this new neighborhood and we thank them for their support.”
Upon the approval, Mayor Michael Bloomberg issued a statement, saying: “Today's City Council vote is a critical milestone in the history of Willets Point, which for generations has been known as a contaminated 'valley of ashes.' Now, thanks to the collective efforts of our administration and local leaders, we can begin cleaning up and transforming Willets Point into a new neighborhood.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
