The $3 billion Willets Points plan in New York City that will transform 23 acres into a mixed-use development has gained approval from the City Council. Construction will be done in two phases and will include a mall, rooftop farm, retail space, a hotel and thousands of apartment units.
The project is expected to create 12,000 construction jobs, and generate billions in economic activity. The city has either spent or earmarked about $400 million on the development including the purchase of the land in the northern Queens neighborhood and funded key infrastructure improvements such as sewage and paved streets to an area that was one of the few remaining pockets in the city with neither.
According to a Crains New York report, the city has either spent or earmarked about $400 million on the development during the past five years, including the purchase of 23 acres of land in the northern Queens neighborhood and infrastructure improvements. Last year, the city reached a deal with developers, the Related Cos. and Sterling Equities, to design, construct and operate the massive development.
(http://www.crainsnewyork.com/article/20131009/REAL_ESTATE/131009874)
Related Stories
| Feb 18, 2013
Top 10 kitchen and bath design trends for 2013
Gray color schemes and transitional styles are among the top trends identified by more than 300 kitchen and bath design experts surveyed by the National Kitchen & Bath Association (NKBA).
| Feb 17, 2013
Pakistan to get world's tallest tower in $45 billion deal
Newly signed mega deal will fund construction of several massive developments in Karachi, including a mixed-use tower that will dwarf the Burj Khalifa.
| Feb 15, 2013
Hotel project pipeline up 5% in January
The number of hotel rooms in the construction or planning phases rose 4.9% in January compared with year-ago stats. Rooms actually under construction increased 38.3% compared with January 2012.
| Feb 5, 2013
5 forces driving hotel investment
Jones Lang LaSalle’s Hotels & Hospitality Group believes that signs point to an on-going uptick in Americas hotel transactions activity sooner rather than later. They identify the five forces that will drive the hotel investment market during the next five years.
| Jan 16, 2013
SOM’s innovative Zhengzhou Greenland Plaza opens
The 2.59-million-square-feet building houses a mixed-use program of offices on its lower floors and a 416-room hotel.
| Nov 11, 2012
Greenbuild 2012 Report: Hospitality
Hotel boom signals good news for greener lodging facilities
| Oct 5, 2012
2012 Reconstruction Award Silver Winner: Residences at the John Marshall, Richmond, Va.
In April 2010, the Building Team of Rule Joy Trammell + Rubio, Stanley D. Lindsey & Associates, Leppard Johnson & Associates, and Choate Interior Construction restored the 16-story, 310,537-sf building into the Residences at the John Marshall, a new mixed-use facility offering apartments, street-level retail, a catering kitchen, and two restored ballrooms.
| Jul 20, 2012
2012 Giants 300 Special Report
Ranking the leading firms in Architecture, Engineering, and Construction.
| Jul 20, 2012
Global boom for hotels; for retail, not so much
The Giants 300 Top 10 Firms in the Hospitality and Retail sectors.