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.
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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.
