Two city-owned lots in Long Island City will be transformed into a 1.5 million square foot development with mixed-income housing, office and artist space and a new school.
In February, the Economic Development Corporation (EDC) released a Request For Proposals (RFP) to bring a mixed-use development to an undeveloped stretch of waterfront space in the neighborhood.
Today, they announced that the sites on 44th Drive will become “the first of its kinds industrial-commercial-residential project.” The companies chosen to develop the lots include TF Cornerstone, Greenpoint Manufacturing and Design Center, C4Q and BJH Advisors.
The lots are currently being used as a parking lot for the Department of Education and a Department of Education facility. Water’s Edge, a restaurant and wedding venue that was closed down after the owner was arrested on corruption charges, is also a part of the project. It will be razed and turned into a similar venue, according to The New York Times.
The project will include a 100,000 square feet of light industrial space, 400,000 square feet of commercial space that will feature incubator spaces, an arts and technology accelerator to provide education, training, incubation and economic opportunities, classroom space for workforce development and career training and office space for start-ups and fast-growing companies in the tech, arts, design and creative industries.
At least 1,000 units will also be built on the site of which 25 percent will be affordable. According to The New York Times, the TF Cornerstone mixed-use development will cost approximately $925 million and requires a zoning change that could take two years.
The towers will rise 65 and 50 stories, respectively. They will include studios and one-, two- and three-bedroom apartments with light industrial spaces downstairs.
In addition, a 600-seat school, 19,000 square feet of retail and more than an acre of open space with a canoe and kayak launch point will be included.
Overall, the project is expected to create 1,500 permenant jobs and more than 2,500 construction jobs.
“Over the last decade, TF Cornerstone has been a leader in Long Island City’s urban renaissance, evolving from a largely industrial hub to a thriving 24/7 community,” said Jeremy Shell, Principal and Executive Vice President at TFC. “As an early pioneer in developing over 3,200 apartments along the Long Island City waterfront, TF Cornerstone is thrilled to be part of the next chapter in the evolution of this neighborhood.”