Economic Development Corp. issuing RFP for Harlem site.

New York City Economic Development Corporation president Andrew M. Alper and Manhattan Borough President C. Virginia Fields announced that EDC is issuing a request for proposals for the long-term lease and development of a vacant building at 260-262 West 125th St. in Central Harlem.

"Redevelopment of this building will reinforce Harlem's extraordinary revitalization of recent years," said Alper. "The building's strategic location on Harlem's major commercial corridor will also make it very attractive to developers and retail tenants looking for opportunities to meet the needs of this culturally diverse and robust community."

"I am happy that the plan for Mart 125 is now moving forward," said Fields. "Our plan will bring welcome news and an economic boost to Harlem. The collaboration between my office and the city's Economic Development Corporation was unprecedented and demonstrates what can be accomplished when city agencies and elected officials work together. This plan will return an important and valuable asset back to 125th Street."

Formerly known as Mart 125, the one-story building was built in the early 1980s and features about 10,500-SF of ground floor area, plus an approximately 2,000-SF mezzanine and 5,120 SF of basement area. Because the site is located within the Upper Manhattan Empowerment Zone, development may be eligible for a number of benefits, including tax and investment credits, reduced utility costs and low cost bond financing and loan programs.

EDC and the Borough President are seeking to lease the site on a long-term basis to a master tenant who would develop and manage the project The preferred anchor tenant will attract substantial customer traffic, such as a restaurant, and also offer space to small, local entrepreneurs. Other uses for the property may be considered if they are economically viable-and beneficial to the surrounding community and comply with existing zoning requirements.

Lease terms are negotiable depending on the extent of proposed development improvements and associated financing. A purchase option may be available after ten years of successful operation. The Borough President will contribute $200,000 for each $1,000,000 invested in capital improvements by the master tenant, up to a maximum of $800,000.

In evaluating the responses, EDC and the Borough President's office will take a number of criteria into consideration, including economic impact on the City, development team qualifications, relationship to the surrounding community and financial feasibility.

There will be a mandatory site visit and informational meeting at 2 p.m. on Dec. 18. Proposals are due by 4 p.m. on Jan. 28. For more information and a copy of the RFP, please call 212/312-3969, or email [e-mail] and put Mart125 in the subject line.