NYCEDC Receives 29 Responses From Private Sector For Willets Point Redevelopment Project
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NYCEDC Receives 29 Responses From Private Sector For Willets Point Redevelopment Project

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New York, NY – December 11, 2009 – (RealEstateRama) — New York City Economic Development Corporation (NYCEDC) today announced that it has received 29 responses to its Request for Qualifications for developers or teams of developers interested in redeveloping the 62-acre Willets Point District. The responses came from a variety of commercial, residential and mixed-use developers from across the United States. From the 29 responses, NYCEDC will develop a short list to receive a future Request for Proposals (RFP). RFQ respondents will be evaluated based on their experience in developing similar large-scale projects and other criteria to determine eligibility to receive the RFP. 

“The quantity and quality of these responses are strong indicators that the development community has confidence in the successful redevelopment of Willets Point despite current economic conditions,” said NYCEDC President Seth W. Pinsky. “These developers are clearly eager to play a role in this important project which will create the City’s first ‘Green Neighborhood’ with over 5,500 residential units, creating more than 5,300 permanent jobs and 18,000 construction jobs.”

The City is moving forward with a staged development strategy for the Willets Point District. An RFP to be issued in 2010 will seek development proposals for the southwest portion of the District, which will include approximately 18 acres of development area. The maximum development for this area includes 980,000 square feet of destination and entertainment retail; 2,000 units of mixed income housing; 500,000 square feet of office space; 400 hotel rooms; a school; open space and parking. To date, NYCEDC has agreements with property owners that give the City control of approximately 75% of the land in the area that will be developed first, and continues to reach out to business and property owners throughout Willets Point to negotiate fair acquisition agreements. NYCEDC has also been engaged in active relocation planning with businesses slated to move to College Point, Queens, and has initiated the design process for off-site infrastructure improvements needed to support redevelopment.

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NYCEDC

New York City Economic Development Corporation (NYCEDC) is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities.

Contact:

Phone: (212) 619-5000

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