EDC selects retail developer at SI project

New York /
Apr.April 25, 2012 04:00 PM

The New York City Economic Development Corporation today announced that it has selected Guido Passarelli & Sons to develop a 10-acre retail site on Staten Island. The site, located in the island’s Charleston neighborhood, has approximately 130,000 square feet of retail space, according to a statement from EDC. If the proposal successfully navigates the public approval process, Passarelli will pay $7.1 million for the site and spend an additional $25 million on construction, EDC said. 

Staten Island-based Passarelli, was selected after responding to a January 2011 Request for Proposal.

The retail development is meant to “jumpstart” a larger, 58-acre project in Staten Island, at what has been called the “Charleston Municipal Site,” EDC said. Once complete, that project will include a 22-acre public park, a library, senior housing, and a public school.

“Guido Passarelli and Sons’ decision to invest in Staten Island is a strong statement of confidence in the borough’s – and the city’s – future,” said Deputy Mayor for Economic Development Robert Steel in a statement. “This project is the latest evidence of the success of Mayor Bloomberg’s Five Borough Economic Development strategy, which is bringing investment and jobs to neighborhoods all across the City.” — Guelda Voien


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