By Alex Robinson
F&T Group is finally set to break ground on its long-delayed Flushing Commons development in downtown Flushing.
The developers have announced construction will start on the first phase of the $1 billion project June 30.
The development will transfer Municipal Lot 1, at the corner of 39th Avenue and Union Street, into a multi-use complex which will include a 62,000-square-foot YMCA and 1,600 parking spaces, as well as residential, office and retail space.
The first phase, expected to be completed in 2017, will provide 150 units of market-rate housing, an underground parking garage and 219,000 square feet of commercial space.
The project was originally approved in 2010, but was delayed for years as funding for the development dried up during the recession. Flushing Commons is being developed in a partnership between F&T Group, the Rockefeller Group, AECOM Capital and Mount Kellett Capital Management LP.
The group secured a $235 million loan from Starwood Property Trust at the end of March to help finance the cost of the first phase.
Reach reporter Alex Robinson by e-mail at arobinson@cnglocal.com or by phone at 718-260-4566.
