City moves to acquire prime space near Staten Island Ferry Terminal.

The City's Economic Development Corporation (EDC) has signed an agreement to acquire a 52-acre site next to the St. George Ferry Terminal in Staten Island.

The site is currently owned by CSX Realty development LLC, a subsidiary of CSX Corporation, an international transportation company.

Under the agreement, which is still pending approval of the CSX board of directors, EDC will have 90 days to examine and access the suitability of the site for a variety of economic development purposes.

Upon approval, EDC will pay $13 million for the site.

"This agreement gives us the opportunity to use this highly desirable property for multiple uses, from retail to entertainment to baseball to parking," said Mayor Rudolph Giuliani. "With over 18 million passengers going through the St. George Ferry Terminal every year, there is significant economic potential for this location. There are plans for a new cultural center and new Lighthouse Museum in the vicinity, and we have the opportunity to build on these cultural, civic and other projects to further promote economic growth in Staten Island."

The Mayor commended Staten Island Borough President Guy Molinari for "pressing these new initiatives and other economic development opportunities so vital to Staten Island, and for his efforts in helping secure this CSX property."

Molinari worked closely with Charles Millard, president of the EDC, and others at the City's Planning and Law departments to bring this about.

The site, which is located north of the St. george Ferry Terminal, will be considered for a number of uses, including open space for cultural and community events, commuter parking and a minor league baseball stadium.

"Purchasing the CSX property in St. george, with its magnificent view of the Manhattan skyline and proximity to the Staten Island Ferry terminal, is smart city planning by Mayor Giuliani," Molinari said. "The purchase will preserve for Staten island a highly desirable waterfront property with a multitude of possible future uses, and it is ideally located in the transportation, cultural and business hub of the borough."

A portion of the site is currently being used for commuter parking space, but the majority of the property remains unused. The site is strategically located at the core of Staten Island's transportation system and at the center of the borough's civic and cultural institutions. It commands spectacular waterfront views of the Statue of Liberty, Governors Island, Ellis Island and Lower Manhattan. The site consists of 52 acres, approximately 26 of which are "lands underwater" which could be used at a later date if found to be suitable and if all proper permits are obtained.

"The Staten island Ferry is one of the City's biggest tourist attractions," said EDC's Charles Millard. "The opportunity to expand the St. George Ferry Terminal as a place to visit is one that the City could not afford to pass up. By purchasing the property from CSX, the City will now have prime real estate in the community for new development projects."