From the Daily News:
The iconic graffiti-caked Long Island City factory known as 5Pointz has been tagged for development, likely ending its run as a street-art mecca.
The building's owner, developer Jerry Wolkoff, said he met recently with city planning officials to discuss replacing it with two high-rise residential towers and up to 1,300 rental units.
Wolkoff wants to dramatically remake the entire block along Jackson Ave. that surrounds 5Pointz, where the No. 7 train rumbles past.
He plans to formally submit a proposal to the city within the next two weeks. The size and scope of the project are still being worked out.
Artists fear that Wolkoff's vision for the factory's future would snuff out one of the city's unique creative communities.
He told The News in an exclusive interview that his plans include a mix of shops and restaurants, a supermarket, an open-air concourse between the towers and a park. There would also be studio space for artists.
The city rezoned the block in a 2001 plan to spur redevelopment around Queens Plaza.
The change allows large-scale redevelopment. But Wolkoff's plans call for the taller of the two towers to rise some 40 stories, which will require a special permit and likely a zoning change.
That means the plans must be approved through the city's zoning and land-use review process.
Wolkoff said his $300 million project would revitalize the area and provide for thousands of construction jobs.