By Connor Adams Sheets
A major new mixed-use development is breaking ground this week in downtown Flushing.
One Fulton Square, a complex of two 12-story towers, is being built as-of-right at the intersection of Prince Street and 39th Avenue and will include a 168-room Hyatt Place hotel, perched atop three levels of retail and space for underground parking, according to Michael Meyer, president of its developer, TDC Development.
The $125 million development will also include office space, what are called “serviced apartments” in China — furnished condos — and community space in the second tower, Meyer said.
The project is expected to open in three years and Meyer described it as similar to the TDC’s highly successful Queens Crossing project, located blocks away at 39th Avenue and Main Street.
Meyer said TDC is very excited about the project.
“We’ve owned the property for years, we’re highly confident in Flushing, and our company, F&T Group, is a big reason for the transformation of Flushing,” he said. “This project, like many of ours before, will change the face of Flushing. We’re big believers in Flushing.”
Owned by the international F&T Group, TDC has been instrumental in the redevelopment of Flushing, having built six projects in the bustling neighborhood, including Colden Garden and the Flushing Mall. One Fulton Square is one of two major projects the company currently has planned for the booming downtown Flushing area.
TDC’s $820 million Flushing Commons is the largest project currently planned for downtown Fushing by any company, with 235,000 square feet of retail, 185,000 square feet of office space, 600 residential units, a 1.5-acre park, a 62,000-square-foot YMCA and 1,600 parking spaces.
Meyer said that rumblings by community leaders that TDC is having trouble securing financing for the project are exaggerated and that the company expects to get financing and break ground on the project in the next year.
“Financing $800 million in this economic climate takes a little time,” he said.
Reach reporter Connor Adams Sheets by e-mail at email@example.com or by phone at 718-260-4538.