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The Bloomberg administration is nearing a deal with the Related Cos. and a real-estate firm controlled by owners of the New York Mets to build a retail and residential development on a gritty swath of Queens near Citi Field, according to people familiar with the matter.

But the tentative deal to develop Willets Point isn’t a home run. It would require significant revisions to a signature initiative of the Bloomberg administration: an ambitious $3 billion vision for the area that includes 5,000 apartments, stores and a hotel.

The idea was unveiled with great fanfare in 2007 and passed a complicated public-review process in 2008. But during recent negotiations, developers rejected the plan as financially impractical and called for some changes, the people said.

Read More: Wall Street Journal

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