NEWS |
166-00: FOR IMMEDIATE RELEASE , November 30, 2000
The funds will be used to complete land acquisition, and to design and construct parks, public open spaces and infrastructure at Queens West; and to demolish Hoboken Pier C and help rebuild it as a new urban park, a key element of the City of Hoboken’s development plan for its south waterfront.
Port Authority Chairman Lewis M. Eisenberg said, “These two projects are transforming idle and decrepit industrial waterfront areas into vital residential and commercial neighborhoods, with public parks and recreational areas for all to enjoy. At the same time, we are returning these underused areas to the local tax rolls and creating 19,000 construction-related and 17,000 permanent jobs.”
Charles Gargano, Port Authority Vice Chairman and Chairman of New York’s Empire State Development Corporation said, "Today's Port Authority actions for Queens and Hoboken add great size and strength to the New York metropolitan economy. Queens West, offering prime real estate in the nation's hottest economy, identifies new corporate locations for today's new economy businesses to invest. We look forward to continuing our strong partnership with the local community and are proud that our work is attracting new jobs and housing for the people of Queens."
Port Authority Executive Director Robert E. Boyle said, “The Port Authority is proud to help New York City and Hoboken realize their respective visions for these waterfront sites. Each project will receive the funding necessary to finish preparing the site for private development. The Port Authority investment in site acquisition and infrastructure, which today’s action brings to a total of $318 million, is being used to leverage much larger investments by private developers, currently estimated at more than $3 billion.”
Queens West, a $2.8 billion mixed-use commercial-residential-recreational development, will rise on approximately 74 acres of prime waterfront land directly across the East River from the United Nations. The 19-parcel development site will include:
-- A 522-unit residential tower including co-op apartments, an elementary school and retail space. The tower is already completed and occupied.
-- Three more residential buildings with approximately 1,000 apartments. Construction, by Avalon Bay Communities, is scheduled to start next year.
-- A commercial core that includes four development blocks with two million square feet of office space, 90,000 square feet of retail and a possible 350-room hotel.
-- A new residential area with seven development blocks totaling more than 3.2 million square feet of residential, retail, parking and public parks.
Located on approximately 50 acres of previously unused waterfront along the Hudson River, the South Waterfront project has re-opened the Hoboken waterfront to residents and visitors. The $700 million mixed-use waterfront will include the following:
-- A residential building, now under construction, consisting of 526 apartments, 62,000 square feet of retail space, and parking. The Applied Companies/Starwood Heller of Hoboken, NJ is the developer.
-- Two 520,000-square-foot office towers. The first of these is now being built by SJP Properties of Parsippany, New Jersey. When completed, this office block (Block A) will include 1.1 million square feet of commercial office and related retail space.
-- A 200–300 room hotel and 800,000 square feet of office and retail space. Designation of a developer is expected shortly.
-- Infrastructure construction and other improvements to public areas that will extend the City’s new waterfront park and roadway system from Hoboken Terminal to the City’s new Sinatra Park.
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