NEW YORK, NY --  $500 Million Project Will Become the Heart of Revitalized New York City Borough
New York City Mayor Michael R. Bloomberg yesterday announced that a joint venture of The Rockefeller Group and TDC development and Construction Corporation has been selected to redevelop Municipal Parking Lot 1, a five-acre site in Downtown Flushing, Queens, New York City. The developers expect to invest more than $500 million in the project, Flushing Commons, which will create more than 2,000 construction jobs and 2,000 permanent jobs. The major investor in Flushing Commons is Apollo Real Estate Advisors, LP. The project architect is Perkins Eastman; Tishman Construction Corporation will serve as Construction Manager; and Thomas Balsley Associates will be the Landscape Architects for Flushing Commons.
"The Flushing Commons proposal features dynamic retail choices, reasonable parking solutions and much-needed community amenities that will benefit the entire neighborhood and attract visitors to the area," said Mayor Bloomberg. "It also provides an attractive town square area that will become the center of community activity, which was a major recommendation of the development Framework for Downtown Flushing."
Jonathan D. Green, President and CEO of The Rockefeller Group, said, "We are honored and excited by our selection. We believe that our project represents a way to realize many of the City's goals for the development of Downtown Flushing -- to renew downtown and to enhance the community feeling and the quality of life by creating a new residential community surrounded by lively retail. With our partners at TDC, we hope to create a destination that captures the vibrant mix of cultures and ethnicities that make up the borough. We intend to make Flushing Commons a landmark to be proud of."
The Flushing Commons development includes:
* A one-acre town square of open space with a fountain plaza to be
maintained by the developer;
* Parking for 2,000 cars with short term parking at below market rates in
response to community requests;
* A 50,000-square-foot recreational center featuring amenities such as a
swimming pool, basketball courts and an exercise room, with memberships
available to community residents;
* A 200-room hotel with meeting rooms and banquet facilities;
* Approximately 500 residential units, with 20% marketed to seniors;
* 350,000 square feet of retail space including local and national
retailers, restaurants and a multi-screen cinema;
* 20,000 square feet of space for community or cultural tenants;
* 15,000 square feet of space for small professional businesses.
"This site has been part of my daily life for the past two decades," said TDC development and Construction Corporation Chairman and CEO Michael Lee. "For years we have prepared blueprints for Flushing's improvement. Today, the team at TDC is honored to have the opportunity to devote our local and global experience to make the best of a site that is so familiar and dear to me. TDC will ensure that our on-going and future projects in the area have a strong synergy with our Flushing Commons development, addressing expanded retail and entertainment as well as housing needs. With our partner, The Rockefeller Group, and major investor, Apollo Real Estate Advisors, we are committed to creating a civic heart that responds to community needs today, while contemplating those of future generations. We are excited to begin a rebirth for Flushing. Let the dream come true."
For William Mack, Chairman of Apollo Real Estate Advisors, the development represents a homecoming. "I was raised in Queens," Mr. Mack said, "and I know first-hand about its vibrancy. That's why Apollo is so excited about this opportunity to create a truly world-class development here. In the same way that Time Warner Center has benefited the entire area around Columbus Circle, Flushing Commons will be a great success for the local community, for the City and for the development team."
The project will incorporate low-impact development techniques and green building technologies. The developer is also committed to developing job training programs to encourage hiring from the local community during construction and for permanent job creation afterward.
Flushing Commons was selected as a result of a Request for Proposals (RFP) issued by the New York City Economic development Corporation based on recommendations made by the development Framework for Downtown Flushing.
The Rockefeller Group will be represented in the project by Rockefeller Group development Corporation, a national owner, developer, and manager of prestigious commercial real estate properties.
Over its 20-year history, TDC development and Construction has been involved in the development of over five million square feet of hotel, commercial, office, and residential space in the New York metropolitan area, primarily in Manhattan and Queens. Based in Flushing, TDC is committed to the long-term vision of a revitalized Downtown Flushing.
Apollo Real Estate Advisors, LP, is one of the most active investors in New York City development projects and is the co-developer of the acclaimed Time Warner Center.
Perkins Eastman has become one of the major architectural and planning firms in the New York area, establishing itself as a leader in a variety of building and project types for private and public sector clients.
Tishman Construction Corporation is a world-class construction management, project management, and owner's representative firm headquartered in New York City.
Thomas Balsley Associates has built a portfolio of award-winning projects of virtually every scope and type: from mixed-use developments, waterfront parks, and corporate campuses to educational, government and cultural institutions and urban spaces.
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| Notes:
CONTACT: Sandra Manley, +1-212-282-2123, smanley@rockgrp.com, or Brian
P. Mahoney, +1-212-282-2590, bmahoney@rockgrp.com, both of The Rockefeller
Group
Web site: http://www.rgts.com/
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