Developers Line Up to Build Middle-Class Paradise

Hunters Point is once again at the center of a bidding war.

Back when New York was up against London for the 2012 Winter Olympics, the largely industrial neighborhood at the tip of Long Island City was to be the site of the athlete’s village. Plans change, and now developers are lining up to turn the 30-acre plot into a middle-class paradise, Crain’s reports.

It’s taken over four years for the city to finally get around to soliciting bids, but finally L+M Development Partners, Douglaston Development, and a team of the Durst Organization entity and Jonathan Rose Cos. are all planning to submit by Friday’s deadline, according to Crain’s. Related Cos. will also bid, a source said, but the company hasn’t confirmed this.

We’re eagerly waiting to hear their plans. It’s not easy building middle-class housing, many have noted, because it’s often not eligible for the tax breaks that low-income housing projects get.

But that logistical hurdle is tiny in comparison to the challenge developers will have living up to the inflated expectations for the site. The city has put up posters in the area promising a paradise of skyscrapers, kayaks and waterfront green space. All that at a price a public school teacher is supposed to be able to afford.

 

Developers Line Up to Build Middle-Class Paradise