NEW YORK CITY-Two big mix-used projects crossed the approvalsprocess finish line Thursday as the City Council gave its blessingto Flushing Commons in Queens and the New Domino on the Brooklynwaterfront. Approvals on both projects were tied to modificationsrequested by council members.

In the case of Flushing Commons, being developed by a jointventure of the Rockefeller Group and TDC Development andConstruction Corp., the council sought and got a number ofconcessions, mainly from the Bloomberg administration. They’reintended to benefit local merchants, who have spoken out againstthe project on grounds that construction and the loss of parkingcould disrupt their businesses. Among the $6-million package is$2.25 million for marketing and advertising support through theFlushing Small Business Assistance Plan.

The five-acre parcel on which the $900-million,1.2-million-square-foot project will be developed currently is thesite of Municipal Parking Lot 1. It will contain a 1.5-acre townsquare, a 500-unit condominium, 35,000 square feet of retail, a newYMCA, a hotel and a 1,600-space underground parking facility. Anadjacent 140-unit affordable housing development, Macedonia Plaza,is sponsored by the Macedonian African Methodist EpiscopalChurch.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.