Coney Island to generate major revenue for the city, Bloomberg says

New York /
Feb.February 22, 2010 09:28 AM

Coney Park’s two new amusement parks are expected to create hundreds of jobs and bring in at least $100,000 a year for the city, Mayor Michael Bloomberg said yesterday in his weekly radio address on 1010 WINS News Radio. Situated on the nearly seven acres purchased by the city last November, the $15 million Luna Park, slated to open on Memorial Day, and the $12 million Scream Zone, which will debut in summer 2011, will together make up “the largest Coney Island amusement area since Steeplechase Park closed in 1964,” Bloomberg said. The lease agreement stipulates that the city receive $100,000 per year for the land plus a percentage of the parks’ gross receipts. The city is also investing in a $100 million public-private partnership that will upgrade the existing aquarium in the neighborhood, and is pooling $150 million for community improvements, like a new entrance plaza for the amusement district. Residential and community development Coney Island Commons, which will have upwards of 180 units of affordable housing and a new YMCA, is also slated to break ground this year, Bloomberg said. TRD


Related Articles

arrow_forward_ios
The Wonder Wheel in Coney Island (Getty)
Coney Island Wonder Wheel reopens
Coney Island Wonder Wheel reopens
John Catsimatidis (Getty)
John Catsimatidis wants to add three more rental towers in Coney Island
John Catsimatidis wants to add three more rental towers in Coney Island
Lot in Coney Island on W 12th Street (iStock, Google Maps)
16-acre lot in Coney Island rolls onto the market
16-acre lot in Coney Island rolls onto the market
After a lost summer, Coney Island businesses are struggling to imagine how to survive the winter. (Getty)
Lost summer, failed plan haunt Coney Island
Lost summer, failed plan haunt Coney Island
Michael Bloomberg and the Westlands in Meeker, Colorado (Credit: Bloomberg by Toni L. Sandys/The Washington Post via Getty Images)
Michael Bloomberg picks up $44M estate in Colorado
Michael Bloomberg picks up $44M estate in Colorado
2790 West 5th Street in Coney Island (Credit: Google Maps)
Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments
Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments
LCOR’s Anthony Tortora and the parking lot at 1517 Surf Avenue (Credit: Google Maps and LCOR)
California teachers get in on Coney Island’s redevelopment
California teachers get in on Coney Island’s redevelopment
Michael Bloomberg and 229 West 43rd Street (Credit: Getty Images and Wikipedia)
Bloomberg moving campaign HQ to Times Square
Bloomberg moving campaign HQ to Times Square
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...