TF Cornerstone, Durst among possible contenders for city’s LIC development
EDC put out requests for proposals in February to develop 1.4M sf
April 19, 2016 12:18PM
Long Island City (Credit: Joe Mabel via Wikipedia)
The city is looking to reshape its waterfront and has a test case in mind: Long Island City.
In February, the city’s Economic Development Corporation put out a request for proposals for two waterfront sites near Gantry Plaza State Park, at 5-40 44th Drive and 4-99 44th Drive, and wouldn’t you know it’s attracted the interest of the city’s largest developers.
Forest City Ratner, TF Cornerstone, Rose Associates and the Durst Organization all attended an informational session about the RFP, which calls for 1.4 million square feet of development on 4.5 acres of property, the New York Times reported.
Developers would be able to construct two to three towers — anywhere from 350 to 500 feet tall — and if they include additional manufacturing and commercial space, another 150 feet could be added to the buildings, according to the Times.
The city is aiming for up to 1,000 apartments, many that would be set aside as affordable, and at least 300,000 square feet of office space, in addition to a school and a small park. According to the newspaper, a third of the commercial space would be targeted for businesses such as furniture makers, and if bidders include cultural tenants, like galleries and bookstores, they could also build bigger.
If the mix manufacturing-housing project is successful, the city may use the model in other industrial neighborhoods, such as Staten Island’s North Shore, according to the Times.
Despite a residential development boom in Long Island City — nearly 9,000 apartments built with rents costing an average of $53 per square foot — there has been a drought of retail in the neighborhood. The Real Deal reported on Monday that Rockrose Development wooed several retailers, including Toby’s Estate Coffee and restaurant Levante, to 26-25 Jackson Avenue. [NYT] — Dusica Sue Malesevic
