Developers of the near decade-old $850 million Flushing Commons project have closed on a deal to buy the parking lot where the housing and retail complex will be built, according to Crain’s.
TDC Development International, the Rockefeller Group, AECOM Capital and Mount Kellett Capital Management with financing from Starwood Property Trust purchased the site for $20 million, the business publication reported Wednesday.
The two-phase project, when complete, will include a total of more than 600 residential units, 500,000 square feet of retail or commercial space and a new YMCA, according to the New York City Economic Development Corporation (NYCEDC).
It was broken into two phases as to not disturb nearby businesses and ease parking problems.
The 62,000-square-foot YMCA, with two pools, a full-size gym and an indoor running track, was slated to headline the first phase of the project, along with a 1.5-acre space with a fountain plaza and amphitheater, officials said.
It will now be built in the project’s second phase, Crain’s said, with more housing, commercial and community space.
The development is expected to create more than 2,600 construction jobs and 1,900 permanent jobs, according to the NYCEDC.
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