New York City Economic Development Corp. president Andrew M.Alper says the initiative is part of revitalization for the area."Triangle Equities' decision to locate a nationally known retailerhere underscores the attractiveness of New York City's neighborhoodcommunities for investment and growth." It is expected to createabout 750 construction jobs and more than 360 permanent jobs.Construction of the project is expected to begin by spring 2005 andbe completed in fall 2006.

The property consists of two former municipal parking lots, adepressed Long Island Railroad right-of-way bordered by two bridgeabutments and an adjacent city-owned property previously occupiedby a car wash facility. The railroad right-of-way will be deckedover to support a portion of the parking garage and retailcomplex.

Triangle Equities was selected to develop the property as aresult of a Request for Proposals issued by EDC. Triangle Equitiescompleted other projects with EDC including a 12-screen NationalAmusements Cineplex in the College Point Corporate Park calledTriangle Plaza. The 165,000-sf entertainment/retail center has Toys'R' Us/Kids 'R' Us as a major tenant. The firm also developed the73,000-sf Triangle Centre, also in College Point.