From Crain's:Eight years after the city and a pair of developers announced plans for an $850 million mixed-use project in Queens called Flushing Commons, the deadline to begin work has been pushed back. Under the new schedule, the developers will close on the $20 million purchase of the property, a city-owned parking lot, by the end of the year. Ground is to be broken shortly afterward. Previously, the developers had faced a deadline of Thursday, Oct. 31, to get a shovel in the ground.
The project will be undertaken by a joint venture of TDC Development International and The Rockefeller Group.
Earlier this month, the developer filed for a construction permit to begin the first phase, which will include an underground parking garage, about 160 residential units, 350,000 square feet of retail or commercial space, a 1.5-acre open space and a 62,000-square-foot YMCA.
Shifting closing dates for projects as large and complex as Flushing Commons is not unusual, the Economic Development Corp. noted.
4 comments:
I hope this project brings more diversity into flushing.....these Asians are running flushing to the ground! Maybe more diversity would do some good to this area!
The article stated: "Under the new schedule, the developers will close on the $20 million purchase of the property, a city-owned parking lot, by the end of the year."
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From the EDC website:
"The Purchaser’s original proposed purchase price
pursuant to the RFP was $50,000,000. This was reduced to
$20,000,000 due to the addition of various public benefits to
the project."
So what public benefits reduced the cost by $30 million?
(edc source: http://www.nycedc.com/sites/default/files/filemanager/EDC_Property_Sale_to_Flushing_Commons_BD_Feb_2013.pdf)
Were there any closed door meetings held between CB 7's "follow the buck" Chuck Apelian and TDC's Mike Meyers regarding this?
TDC and CB 7 has got a real hard-on to get this through before Bloomberg bites the dust in January.
A lot of kick back money depends on it.
How many printing contracts do we smell for Prestone, Mr. Apelian?
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