Stalled Flushing medical facillity project allocated $17M in federal stimulus bonds

New York /
Dec.December 16, 2009 08:51 AM

The North Queens Medical Center, a 80,000-square-foot office building at 42-31 Union Street in Flushing whose development was halted by the recession, is slated to receive $17 million in Recovery Zone Facility bonds, part of the federal stimulus package. The Recovery Zone program allows states to issue tax-exempt bonds to private developers working in underserved neighborhoods. “There’s demand for a medical facility that people can walk to from downtown Flushing,” said Richard Xia, president of Fleet Financial Group, the developer. The building, whose total cost is projected to be $42 million, will be used for outpatient hospital services and doctors’ offices, Xia said. The project needs final approval from the city before receiving the bonds, after which construction is expected to begin in March and take 18 months to complete. The city has already allocated roughly $80 million in Recovery Zone bonds to five “shovel-ready” projects in the city, including two at the Arverne by the Sea development in Far Rockaway, where 2,300 middle-income housing units, a school and a YMCA will be housed. The city has $40 million in bonds left to distribute before they expire at the end of 2010. [NYDN]


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