Printer Friendly

City selects developers for Brooklyn retail plan.

Mayor David N. Dinkins announced that three developers have been conditionally designated to construct retail centers on city-owned sites in Brooklyn under the city's new Neighborhood Retail Development Program. The-program, the first to provide credit and capital for retail development in New York's inner city neighborhoods, is designed to encourage retail development in neighborhoods, where City program have spurred significant public investment in affordable housing but which still lack retail establishments.

Through a Request for Proposal process, the New York City Economic Development Corporation selected Broadway Bushwick Builders to develop five vacant parcels between Gates Avenue and Cornelia Street on Broadway into a retail center anchored by apparel and variety stores; the Rockaway Brownsville Development Group to build a supermarket and ancillary retail center at Rockaway and Pitkin Avenues in Brownsville; and Mermaid Plaza Associates, Inc., to construct a commercial center with a supermarket on Mermaid Avenue between West 29th and West 31st Streets in Coney Island.

Through the program, the developers will receive city financing for land acquisition and a construction subsidy. The program is currently capitalized with $11 million in city funds. The financing packages have been agreed upon and the developers are currently marketing the sites to retail tenants.

The subsidies will include selling City-owned land to buyers with below-market financing - a one-percent interest-only Purchase Money Mortgage for a term of 25 years - that will essentially reduce the land price by 75 percent. The State of New York Mortgage Insurance Fund guarantee.

With the SONYMA guarantee, the loans would be purchased by the New York City Employees Retirement System. The Community Preservation Corporation, the Chase Community Development Corporation and the Chemical Community Development Corporation have agreed to provide construction and permanent financing loans to qualified developers.

All of the sites are currently vacant and located in neighborhoods that have been targeted for significant city-sponsored low, moderate, and middle-income housing production in recent years. More than 700 new homes have been built in the Mermaid Avenue area and the Bushwick and Brownsville sites have experienced similar activity.

Retailers interested in learning more about development plans and opportunities should call Economic Development Corporation Vice President Angela grown at (212) 312-3 861.
COPYRIGHT 1993 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:New York, New York Office of Economic Development awards Broadway Bushwick Builders contracts for construction of retail centers in Brooklyn through Neighborhood Retail Development Program
Publication:Real Estate Weekly
Date:Apr 14, 1993
Previous Article:Eichner: opportunities exist for developers in the 90's.
Next Article:ABR/Colliers get leasing management exclusive.

Related Articles
Smith Barney grows in Brooklyn.
Robert K. Futterman & Associates.
Times near accord on 40-story tower.
$5M renovation underway to fix up DUMBO offices.
Two Trees tapped by EDC for Downtown Brooklyn project.
Two Trees Management Co. picked for Downtown Brooklyn project.
2002 has been a very good year for ABO.
Blumenfeld Development on target with Harlem project.
Construction industry healthy as it enters new year.
PDE team to market retail at Brooklyn's Renaissance Plaza.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters