Tag Archives: The Rockefeller Group

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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Flushing Commons finally moves forward


| tcullen@queenscourier.com

Photos courtesy of New York City Economic Development Corporation

The long-delayed Flushing Commons project is finally starting this fall, with accommodations for parking and small business, the New York City Economic Development Corporation (NYCEDC) has announced.

The $850 million project, a decade in the making, got the green light Tuesday, March 12, and construction is planned to start later this year. The two-phase project will include more than 600 residential units, 500,000 square feet of commercial space and one of the largest YMCAs in the country.

“The new plan, which will maintain all existing parking spaces during construction, is the culmination of years of work to address community concerns,” said NYCEDC President Seth Pinsky. “We now look forward to the start of this critical project that will create thousands of jobs and a major mixed-used destination, complete with open space and a brand-new YMCA.”

More than 2,600 construction jobs and 1,900 permanent jobs are projected to come from this project.

A deal between the city and developers, The Rockefeller Group and Flushing-based TDC Development and Construction Corporation, is expected to be inked sometime this summer, according to the NYCEDC.

When the project is complete, there will be a total of 1,600 parking spaces, a 500-slot increase from what is currently there.

To ease parking problems and not disturb business, the project was split into two phases beginning first with the south side.

The 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. Other components include 160 units of housing, 350,000 square feet of commercial space and a 1.5 acre space with a fountain plaza and amphitheater.

Phase 2 will have an additional 450 housing units, another 150,000 square feet of commercial space and 15,000 square feet of community space.

Borough President Helen Marshall said the phase split “also addresses the need for adequate parking during construction.”

Surrounding small businesses that could be affected by construction might be eligible for EDC’s business interruption program. The program, with $2.25 million set aside, can help eligible business owners with outreach and other means.

 

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