City Gets Third Buyout at Willets Point

willets 0 City Gets Third Buyout at Willets PointThe city today announced a third deal to buy land at Willets Point, agreeing to acquire 22,000 square feet from Met Metals if the area is rezoned by the City Council. However, the deal leaves a long road left for the city in terms of acquisitions and relocation deals at the 61-acre site next to Shea Stadium, as there are over 250 businesses in the area

The city seems to be strategically timing its announcements, at least so far. Last month, the first two deals were announced the same day that the main landowners group held an opposition rally in Queens at a public meeting on the project, and today’s announcement came just minutes before a scheduled rally at Queens Borough Hall, where Borough President Helen Marshall is holding a hearing on the issue later today.

Release below.

NYC ECONOMIC DEVELOPMENT CORPORATION (NYCEDC) REACHES LATEST NEGOTIATED PROPERTY ACQUISITION AND RELOCATION AGREEMENT WITH WILLETS POINT BUSINESSES

 

New York City, July 10, 2008 – The New York City Economic Development Corporation (NYCEDC) today announced that it has signed a property acquisition and relocation agreement with a business with which it had been negotiating at Willets Point, Queens. The deal is the third of what NYCEDC expects to be a series of such agreements in the coming months as the City proceeds through the Uniformed Land Use Review Procedure (ULURP).

"NYCEDC is pleased to have completed yet another property acquisition and relocation agreement," said Seth W. Pinsky, President, NYCEDC. "This latest agreement builds on the momentum of our earlier acquisition and relocation deals and demonstrates that we are continuing to make good on our promise to achieve fair, negotiated deals with as many businesses and owners as possible in connection with the Willets Point redevelopment. We look forward to more announcements in the coming weeks."

Met Metals has agreed to have NYCEDC acquire 17,500 square feet of industrial land. The sale is contingent upon ULURP approval of the Willets Point Development Plan.

Under the City’s plan, the property on which Met Metals had been operating will be remediated and prepared for a new mixed-use community that will include housing, restaurants, stores, parks, and a school. The project will also provide 18,000 construction jobs and more than 5,000 permanent jobs.

NYCEDC has been engaged in active relocation and property acquisition negotiations with many businesses and property owners of all sizes since announcing its redevelopment plans last year, holding well-over 100 meetings with such businesses and owners during this period.