By Alex Christodoulides
Anthony Colletti, Cord Meyer's CEO, approached Community Board 6 in June to describe the project and seek a variance to allow the developer to build 37,000 square feet of floor space, including a Key Food store and a pharmacy, to recoup construction costs.Almost nine months later, the developer has yet to break ground.The tower's proximity to the subway is one thing stalling Cord Meyer, which will meet with the city Bureau of Standards and Appeals in March or April to discuss the project, Colletti said. “We're trying to rework our proposal. Our [construction] costs have risen dramatically” since the CB 6 presentation, Colletti said. “It's right above the subway, and it's difficult to build without disturbing that.”The plan to keep the Key Food store open at the location during the construction, something local residents sought, would cost Cord Meyer “millions,” Colletti said. But the developer did not balk at the cost or difficulty of shifting the merchandise into available open retail space as construction proceeded.If and when construction begins, Cord Meyer plans to build 22 stories even if the final product must sacrifice floor space. “The value is in being up high. If we don't get that 37,000 square feet, it just wouldn't be as wide,” but the height would not change, Colletti said.”I don't think anything will happen in 2007, quite honestly,” Colletti said. “In a best case scenario, if we got approved [by the Board of Standards and Appeals] and it was the end of July, we'd be looking at late fall to begin construction, maybe spring 2008.”Reach reporter Alex Christodoulides by e-mail at news@timesledger.com or by phone at 718-229-0300, Ext. 155.
