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Chase subsidiary finances Hollis Center shopping mall.

Chase subsidiary finances Hollis Center shopping mall

The Chase Community Development Corporation (CCDC), a subsidiary of The Chase Manhattan Corporation, has provided the bulk of the financing -- $1.95 million -- for Hollis Center, the first neighborhood shopping mall serving this minority area of Queens.

Hollis Center, at the corner of Hollis Avenue and Francis Lewis Boulevard, celebrated its official opening with a ribbon cutting by Queens Borough President Claire Schulman. The 16,000-square-foot complex is the result of a public-private sector partnership involving The Queens County Overall Economic Development Corporation, the Hollis Local Development Corporation and developer Roger Fisher. Current tenants are Walgreen's Drug, Blockbuster Video and Domino's Pizza.

In addition to the Chase loan, the total construction cost of $2.6 million was financed by a $300,000 grant from the New York State Urban Development Corporation, a low-interest loan of $150,000 from the New York City Office of Business Development and equity from the developer.

Mark A. Willis, president of the CCDC, said, "Two years ago Chase pledged $200 million to housing and economic development in low and moderate-income communities. Significantly, the commitment is a two-pronged one. Building housing is important, but is must be accompanied by a shoring up of the neighborhood's economy. The two are not rationally separable."

Willis noted that Chase had provided $2 million in financing for a year-round farmer's market in Jamaica (Queens). This facility, sponsored by the Greater Jamaica development Corporation, is designed to anchor and sustain that community's downtown shopping area.

Willis also said that the CCDC was working with community group to structure financing for the revitalization of commercial strips in East Tremont (Bronx) and Coney Island (Brooklyn).
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Title Annotation:Chase Manhattan Corp., Chase Community Development Corp.
Publication:Real Estate Weekly
Date:Jun 5, 1991
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