How much will it cost to redevelop Willets Point?
Eliot Brown dives into a few of the early deals: the most recent one has the city paying $11,993,825 for a lot that is 57,000 square feet–or $210 per square foot. At that rate, the city would be paying about $412 million for the privately held land on the 45 acre site. But the city says it paid a premium to negotiate the early deals that are starting to close now, so no one is quite sure how much it will cost.
The city has allocated $424 million for acquisitions and off-site infrastructure, but there’s no guarantee that number will cover the actual costs. Eliot also points out that the city is pursuing the project in phases now–perhaps because of Atlantic Yards?–instead of the all-at-once plan it had pushed before the City Council approval last fall.
Meanwhile, business owners who oppose the plan have hired lawyers to block the use of eminent domain, and the whole plan appears to be in for quite a fight.
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