MA Realty, which owns 44,500 sf of industrial land in Willets Point, has agreed to have NYCEDC acquire its property. The sale is contingent upon ULURP approval of the Willets Point Development Plan. NYCEDC did not return queries by GlobeSt.com deadline regarding further terms regarding the acquisition agreement or further information.
Under the City's plan, the land acquired from MA Realty will be remediated and prepared for a new mixed-use community that will include housing units, restaurants, stores, parks, office space, and a public school. The project is said to also provide 18,000 construction jobs and more than 5,000 permanent jobs. NYCEDC has been engaged in active relocation and property acquisition negotiations with many businesses and property owners of all sizes since revealing its redevelopment plans last year, holding more than 100 meetings with such businesses and owners during this period. The total 30-year fiscal impact of the Willets Point redevelopment is estimated to exceed $4.2 billion.
"We are pleased to have now completed five acquisition agreements in Willets Point," says Seth Pinsky, president of NYCEDC, in a prepared statement. "Our latest agreement demonstrates NYCEDC's commitment to working together with local businesses to achieve fair and negotiated terms. We will continue to work hard to come to terms with the remaining businesses and transform Willets Point into an area of major economic growth."
As for now, the timeline for the 60-acre site redevelopment is to select a developer by spring 2009, continue site acquisition and relocation through summer 2009, and begin site preparation, remediation and construction by 2010.
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Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
