Tag Archives: TDC Development International

Developers close on Flushing Commons deal: report


| editorial@queenscourier.com

Rendering Courtesy of New York City Economic Development Corporation

Developers of the near decade-old $850 million Flushing Commons project have closed on a deal to buy the parking lot where the housing and retail complex will be built, according to Crain’s.

TDC Development International, the Rockefeller Group, AECOM Capital and Mount Kellett Capital Management with financing from Starwood Property Trust purchased the site for $20 million, the business publication reported Wednesday.

The two-phase project, when complete, will include a total of more than 600 residential units, 500,000 square feet of retail or commercial space and a new YMCA, according to the New York City Economic Development Corporation (NYCEDC).

It was broken into two phases as to not disturb nearby businesses and ease parking problems.

The 62,000-square-foot YMCA, with two pools, a full-size gym and an indoor running track, was slated to headline the first phase of the project, along with a 1.5-acre space with a fountain plaza and amphitheater, officials said.

It will now be built in the project’s second phase, Crain’s said, with more housing, commercial and community space.

The development is expected to create more than 2,600 construction jobs and 1,900 permanent jobs, according to the NYCEDC.

 

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Department of Buildings reviewing Flushing Commons permit


| mchan@queenscourier.com

Renderings courtesy of New York City Economic Development Corporation

Developers of the long-stalled $850 million Flushing Commons project have filed their first permit with the city’s Department of Buildings, according to Crain’s and city officials.

A DOB spokesperson said the department received and will review an application from TDC Development International and The Rockefeller Group.

The near decade-old project will bring housing and retail to downtown Flushing but, according to Crain’s, construction has to begin by October 31, under a contract between the city and developers.

The two-phase project, when complete, will include a total of more than 600 residential units, 500,000- square-feet of retail or commercial space and a new YMCA, the New York City Economic Development Corporation (NYCEDC) said.

It was broken into two phases as to not disturb nearby businesses and ease parking problems.

A 62,000-square-foot YMCA, with two pools, a full-size gym and an indoor running track, will headline the first phase of the project, along with a 1.5-acre space with a fountain plaza and amphitheater, officials said. The second phase includes more housing, commercial and community space.

Developers want to modify a portion of Municipal Lot 1 in downtown Flushing, though NYCEDC President Seth Pinsky said existing parking spaces would be maintained during construction.

There will be a total of 1,600 parking spaces — an increase of 500 — at the project’s completion, according to officials.

The development is expected to create more than 2,600 construction jobs and 1,900 permanent jobs, the NYCEDC said.

With additional reporting by Terence M. Cullen

 

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