Saturday, October 29, 2011
Hemmerdingers selling the rest of Atlas property
From the Queens Tribune:
The former owners of the Shops at Atlas Park in Glendale have put the majority of their surrounding property on the market, approximately 375,000 square feet of space covering 11.3 acres.
The announcement came this week from the family-owned property developer, ATCO. The site, commonly known as Atlas Terminals, was developed as a railroad terminal for warehouse and industrial uses in the 1920s. From this one property, ATCO has been able to develop interests in a slew of Manhattan properties as well as in locations across the eastern United States and Europe.
The site is more than twice the size of the 5.5-acre Municipal Lot 1 in Flushing slated for the development of Flushing Commons, the $850 million project expected to have 275,000 square feet of retail, a hotel, residential towers and plenty of open space. Development of that kind at the site is not considered likely given the isolation of Atlas Terminals. The nearest highway entrance is the Jackie Robinson Parkway on Myrtle Avenue, and the nearest large thoroughfare is Woodhaven Boulevard, several blocks away.
Hemmerdinger could not say what sort of development could be expected from potential buyers, but the site's M1-1 zoning permits manufacturing, office, self-storage, and a variety of retail uses.