Bay Terrace Slated For Expansion

A multi-million dollar expansion of Bay Terrace in Bayside was announced last week by Cord Meyer, the Forest Hills real estate giant. Two new structures will be built, designed to house new tenants including the Mens Wearhouse, a chain operation; a Duane Reade drug store and the Baby Place, which will transfer its operation from its present Bay Terrace location to the new site.
According to Mary Hughes, Cord Meyers assistant vice president for leasing, the project will include a 220-car garage. She said work has already begun on the underground garage and that the two buildings scheduled to open next fall will occupy 26,550 square feet.
"The specialty center in Bayside will undergo a series of attractive changes," Hughes said. "We are talking to other prospective tenants for Bay Terrace and hope to have signed leases soon."
The Mens Wearhouse will occupy 6,000 square feet, Duane Reed has agreed to take 14,000 square feet near Applebee’s, The Childrens Place will take an additional 2,000 square feet near the Independence Bank. It will be known as Childrens Place/Baby Place.
The expansion project took three years to get under way, according to George Meyer, assistant chief executive officer of Cord Meyer.
"The approvals shouldnt have taken that long to get off the ground," Meyer said. "Its an as of right project and therefore should have been approved more quickly. But we are delighted the new buildings and parking area are now moving ahead and well expedite this project as fast as we can."
Cord Meyers attorney/press representative Scott E. Mollen traced the history of Bay Terrace from its inception.. He said the site was once considered for high rise housing, but the developer, working closely with the community Boards, The Bay Club and other community groups, determined that the community preferred a "first class" retail development. It felt that considerations such as public safety, mass transit, quality schools and shopping facilities on a par with Long Island communities were necessary.
"Cord Meyer differs from other real estate developers," Mollen said, "in that it doesnt flip or sell developments after the development is completed. It sticks with the project throughout the years. Cord Meyer is an owner and investor."
He pointed out that in the mid-90s when the recession brought down major developers, Cord Meyer remained in the Bay Terrace picture and made the decision to invest in it for upwards of $20 million. Mollen said that the developers decision greatly benefitted Bay Terrace.
"The retail outlets thriving there include Barnes & Noble, The Gap, the multi-screen Loews Theater and Bens Delicatessen," he said. "We will keep within allowable building limits and provide necessary parking."
Mollen said there was "significant appreciation" of the property and expressed the hope that Cord Meyer would continue to brig first rate tenants to Bay Terrace.