Environmental Real Estate

A three-level retail complex, topped with 1,000 apartments and plenty of parking, will transform the polluted site of an old Con Edison facility along the Flushing waterfront, according to development plans released this week.

The $600-million project will likely be the first step in a far broader effort to improve the downtown and waterfront areas of Flushing, officials said yesterday. Pending an environmental cleanup, it has all the necessary approvals.

The Muss Development Company of Forest Hills will develop the 14-acre site, which used to house a Con Edison fueling and maintenance facility.

Atop the 750,000 square feet of retail space, and parking for 2,650 cars will be six residential buildings with one-, two- and three-bedroom apartments.

Two anchor tenants, which will take up 300,000 square feet, have already signed on. While Muss senior vice president Stan Markowitz would not confirm their identities, he did note that both already have a presence in New York City. That means Wal-Mart is not one of them.

The project, at College Point Boulevard and Roosevelt Avenue, is expected to generate 5,000 construction jobs and 2,000 permanent jobs, eventually producing $28.5 million in annual tax revenue.

"It's major by Flushing standards, and major by New York City standards," said city Councilman John Liu (D-Flushing). "We have a site that's been dirty for decades, and now it's going to be cleaned up ... and readied for use by both businesses and residents."

Markowitz said the developer will need six to nine months to clean up the site, so construction won't begin until later this year. The first retailer is expected to open at the end of 2007.

Besides job growth, Liu also touted the increase in retail choices.

With the upside comes concerns over traffic and crowding issues, already a factor there.

"Anytime there's development, particularly on this scale, there's going to be more traffic," Liu said. "We'll try to mitigate it."

Community advocates are watching the plans carefully, and expect to meet with the developer soon.

"I'm certain the board will raise the construction concerns, the traffic concerns and anything else that goes with it," said Marilyn Bitterman, district manager at Community Board 7.

Representatives from Flushing's civic groups were not available for comment.

Also at issue are the height of the buildings, the impact on existing local businesses and the need for affordable housing. Markowitz said the developer is addressing those factors.

"We're very sensitive in all of the communities where we operate, but especially in a place like this," he said. "We want people to be comfortable."

Queens politicians and business leaders said the project will likely be a boost for the area's economic development.

"It can be a wonderful, attractive waterfront someday," said Seth Bornstein, the director of economic development for the Queens borough president's office. "Now, it's not."

The complex "is a tremendous vote of confidence" for the larger redevelopment effort in Flushing, said John Young, the Queens city planning director.

By Randi F. Marshall
Newsday www.newsday.com
http://www.newsday.com/business/realestate/ny-bzdeve114141721feb11,0,4837130.story?coll=ny-realestate-headlines

New wave for the waterfront: A $600M retail and residential complex is set for a former Con Ed site, with construction to commence this year

2005-02-11

02:46:10 pm New wave for the waterfront: A $600M retail and residential complex is set for a former Con Ed site, with construction to commence this year

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