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.