Real Estate
Waterfront
Transformation
BY ANGELA MATUA
AMATUA@QNS.COM
Two city-owned lots in Long Island
City will be transformed into a 1.5 million
square foot development with mixed-income
housing, office and artist space
and a new school.
In February, the Economic Develop-ment
Corporation (EDC) released a
Request For Proposals (RFP) to bring
a mixed-use development to an unde-veloped
stretch of waterfront space in
the neighborhood.
Today, they announced that the sites
on 44th Drive will become “the first of its
kinds industrial-commercial-residential
project.” The companies chosen to de-velop
the lots include TF Cornerstone,
Greenpoint Manufacturing and Design
Center, C4Q and BJH Advisors.
The lots are currently being used
as a parking lot for the Department of
Education and a Department of Educa-tion
facility. Water’s Edge, a restaurant
and wedding venue that was closed
down after the owner was arrested on
corruption charges, is also a part of the
project. It will be razed and turned into
a similar venue, according to The New
York Times.
The project will include a 100,000
square feet of light industrial space,
400,000 square feet of commercial
space that will feature incubator spaces,
an arts and technology accelerator to
provide education, training, incubation
and economic opportunities, classroom
space for workforce development and
career training and office space for
start-ups and fast-growing companies
in the tech, arts, design and creative
industries.
At least 1,000 units will also be built
on the site of which 25 percent will be
affordable. According to The New York
Times, the TF Cornerstone mixed-use
development will cost approximately
$925 million and requires a zoning
change that could take two years.
The towers will rise 65 and 50 stories,
respectively. They will include studios
18 AUGUST 2017 I LIC COURIER I www.qns.com
and one-, two- and three-bedroom
apartments with light industrial spaces
downstairs.
In addition, a 600-seat school,
19,000 square feet of retail and more
than an acre of open space with a canoe
and kayak launch point will be included.
Overall, the project is expected to
create 1,500 permenant jobs and more
than 2,500 construction jobs.
“Over the last decade, TF Cornerstone
has been a leader in Long Island City’s
urban renaissance, evolving from a largely
industrial hub to a thriving 24/7 community,”
said Jeremy Shell, Principal and Executive
Vice President at TFC. “As an early pioneer in
developing over 3,200 apartments along the
Long Island City waterfront, TF Cornerstone
is thrilled to be part of the next chapter in
the evolution of this neighborhood.”
Photo courtesy of TF Cornerstone
