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
Hotel Facilities | Jan 24, 2018
U.S. hotel markets with the largest construction pipelines
Dallas, Houston, and New York lead the way, with more than 460 hotel projects in the works.
Market Data | Dec 13, 2017
Top world regions and markets in the global hotel construction pipeline
The top world region by project count is North America.
Hotel Facilities | Nov 10, 2017
The hotel of the future has just the right amount of tech
CallisonRTKL’s recent survey helps shed some light on how the hotel of the future might strike a balance between tech and the human touch.
Mixed-Use | Oct 19, 2017
Mixed-use Dubai tower will have the world’s tallest ceramic facade
The 63-story tower will house a Mandarin Oriental hotel, residences, and restaurants.
Hotel Facilities | Oct 6, 2017
This year’s Radical Innovation Award winners showcase portable and flexible hotel designs
The grand prize hotel concept gives new meaning to “back to nature.”
Codes and Standards | Sep 1, 2017
U.S. markets with the largest hotel construction pipeline
New York has the largest hotel construction pipeline of any U.S. market.
Hotel Facilities | Aug 29, 2017
The Whitby Hotel in New York City emphasizes natural daylight in crowded Midtown Manhattan
The hotel’s uniquely deep foundation allows the building to have extensive amenity space.
Hotel Facilities | Aug 17, 2017
Seattle hotel will be the largest in the Pacific Northwest
The 45-story, 500-foot-tall tower is composed of two primary volumes.
Hotel Facilities | Aug 14, 2017
New W hotel takes a leap in its interior design
The brand’s focus will incorporate aspects of its properties’ surrounding communities.
