NEW YORK CITY-The developers of Flushing Commons and the city's Economic Development Corp. have agreed to extend the deadline to begin construction on the $850-million mixed-use Flushing Commons project in Queens.
The developers of the project, a joint venture of TDC Development International and The Rockefeller Group, had until today to break ground on the venture. However, a new schedule now calls for the developer to close on the $20-million purchase of the property by the end of the year, according to Crain's New York Buinsess. Construction would begin shortly thereafter.
"Flushing Commons will transform a municipal parking lot into a vibrant mixed-use destination that will provide new community space, increased open space, housing and retail opportunities for the neighborhood—and in doing so, invest hundreds of millions of dollars into the neighborhood and create thousands of jobs," states an Economic Development Corp. spokeswoman.
The project was approved by the City Council in 2010 but has faced delays since then. See story in Crain's New York Business.
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