Friday, September 28, 2012
College Point condo project waits for approval
From the Times Ledger:
Developers seeking to turn a dilapidated College Point factory into a 134-unit condo complex nearly have enough money to begin, according to their lawyer.
A developer called Waterfront Resorts Inc. is seeking to transform the Chilton Paint Factory on the corner of 110th Street and 15th Avenue into waterfront housing, complete with a public park along the coast, but they need a key city approval to do so.
The company, headed by a man named Henry Lam, was granted a variance in 2009, which allowed them to circumvent the zoning code and build a residential building in a manufacturing area, but the project was never started and that variance expired in July, according to the city Board of Standards and Appeals, a commission that grants variances on a case-by-case basis.
The company is now seeking to extend its waiver for four more years, according to attorney Eric Palatnik.
“We think we will be constructed well before that, but that will give us time to get our finances together,” he said.
The 2008 financial crisis and ensuing recession meant that capital for the project was hard to drum up and even now remains a challenge, although Palatnik said the developers are nearly done raising money.
He will ask the BSA to extend the length of time the variance applies to the parcel of land because of the economic circumstances beyond the control of the developer.