City sells Brooklyn property to retail developer.New York City Economic Development Corporation Overview New York City Economic Development Corporation (NYCEDC) is a non-profit local development corporation that promotes economic growth across New York City's five boroughs. (EDC EDC See: Export Development Corp. ) announced today it sold 146,000 square feet of City-owned property in the Flatbush/Midwood section of Brooklyn to Triangle Equities Development Company LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for $2.15 million. The developer plans to build a three-story retail center and five-level public parking garage. The $70 million project is expected to create about 750 construction jobs and more than 360 permanent jobs. Target will be the anchor tenant and occupy about 200,000 square feet on the second and third floors of the new 280,000-square-foot retail building, and several smaller retail shops will occupy the ground floor. "This project in the heart of one of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's oldest and most distinctive neighborhoods will contribute enormously to the area's revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. ," said EDC President Andrew M. Alper. "Triangle Equities' decision to locate a nationally known retailer here underscores the attractiveness of New York City's neighborhood communities for investment and growth. I am pleased we are bringing new jobs and shopping opportunities to the residents of Flatbush and Midwood." The property, at the intersection of Flatbush and Nostrand Avenues and Avenue H, consists of two former municipal parking lots, a depressed Long Island Railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more. right-of-way bordered by two bridge abutments, as well as adjacent City-owned property previously occupied by a car-wash facility. The railroad right-of-way will be decked over to support a portion of the parking garage and retail complex. The 175,000-square-foot parking garage will provide about 515 parking spaces. Construction of the project is expected to begin by spring 2005 and be completed in the fall of 2006. "Triangle looks forward to providing another quality development to the residents of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ," said Lester Petracca, Principal, Triangle Equities. "Triangle prides itself on working closely with local community groups to continue to create new opportunities for thriving neighborhoods." Triangle Equities was selected to develop the property as a result of a Request for Proposals issued by EDC on behalf of the City. In evaluating the proposals, EDC considered a variety of criteria, including return to the City, development team qualifications, financial feasibility, relationship to the community and architectural and urban design characteristics. Triangle Equities is a well-know local developer that has successfully completed projects with EDC throughout New York City, including a National Amusements National Amusements, Inc. is a privately owned media and entertainment company based in Dedham, Massachusetts. The company was founded in 1936 as the Northeast Theatre Corporation by Michael Redstone. Cineplex in the College Point Corporate Park. |
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