Monday, July 9, 2012
Developer holds up project for more subsidies
From the Daily News:
Plans for a $35 million South Bronx development have been delayed and could collapse completely because the city and the company building the landmark project are at loggerheads, the Daily News has learned.
Triangle Equities has defaulted on its agreement with the Bloomberg administration to construct two buildings with retail space, office space, a supermarket and a school on city-owned lots in the Hub shopping district.
The Queens-based developer was required to close on the parcels in May but instead asked to renegotiate, putting 200 permanent jobs and 100 construction jobs in jeopardy, according to New York City Economic Development Corporation officials.
Triangle is demanding public subsidies and wants the administration to slash the price of the property from $6.2 million to $2.2 million, EDC officials said.
Isn't it great how the city allows developers to hold it hostage? And why do we feel the need to build malls everywhere?