The developers of Flushing Commons have cleared their last major hurdles before construction can begin on the long-delayed, $850 million development.
F&T and the Rockefeller groups have put together $313 million to pay for the first phase of the project, scheduled to start this spring.
The developers closed on a $235 million loan from Starwood Property Trust at the end of March to help finance the cost.
The remaining $78 million includes debt and equity investment.
Once completed, the project will turn Municipal Lot 1, at the corner of 39th Avenue and Union Street in downtown Flushing, into a multi-use complex with residential, retail and commercial space, as well as a 62,000-square-foot YMCA and 1,600 parking spaces. The developers reached a deal with the city at the end of 2013 to buy the lot for $20 million.
It was originally proposed eight years ago and passed by the City Council in 2010, but was delayed for years because of funding problems.
The Rockefeller Group has also set up a website at flushingcommonsupdates.com to post updates in order to keep the community informed about the project’s progress.
Phase 1 is expected to be completed in early 2017 and will include 220,000 square feet of commercial and office space as well as 150 units of housing.
5 comments:
20 million to purchase the lot? That's a steal! It should have been 60M minimum!
60 million? How do you figure?
I've seen the rendering of this project. As usual businessmen are exaggerating what it will look like.
I'm out there every week, this is not that big a space and people will be unpleasantly surprised at how "crunched-in" this developments will be.
Oh, and drivers, get ready for the full-market shaft on parking rates. Privatization.
Privatization is great. Makes everything more efficient. City should sell off on street parking too.
What is Wellington Chen's piece of the action?
He's known to be tight with Fultonex or F&T.
Isn't F&T the "favored" developer for the Willets Point job?
It seems to me that Chen, a former member of CB#7 and the NYC Board of Standard and Appeals could use some FBI scoping.
He's now director of the Chinatown Partnership and was pictured a few times with the shady John Liu.
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