Related, Sterling near deal for Willets Point mall

To accommodate changes, city withdraws plan to use eminent domain

New York /
May.May 03, 2012 08:30 AM

The Related Companies and the real estate firm controlled by the New York Mets ownership, Sterling Equities, are closing in on a deal to develop a mall on Willets Point, the Wall Street Journal reported. The proposal calls for significant changes to the vision laid out by the Bloomberg administration, most notably bringing more retail to the long-awaited $3 billion project’s first phase.

As a result, the city and Related must go through another review process, which would likely push the ground breaking date past the final days of Bloomberg’s mayorship. Other alterations to the initial plan, which facilitated the rezoning of the area for mixed-use development, have not been finalized.

The city has set aside $400 million to acquire the land and prepare the land while holding out hope that a private developer will fund the rest of the ambitious project. A portion of that land was to be acquired through the controversial use of eminent domain, but the city withdrew its bid to do so — at least for now — because of the changes requested by Related.

The Journal said Related believes the site would not be financially feasible without the increased retail component. [WSJ]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
From left: Ilitch Holdings' Chriistopher Ilitch and Related Companies' Stephen Ross with 2250 Woodward Avenue
Ilitch, Ross propose $1.5B Detroit development
Ilitch, Ross propose $1.5B Detroit development
Related Companies' Stephen Ross with One Flagler, 360 Rosemary, and 515 Fern (Getty, Related Companies)
Mapping out Steve Ross’ South Florida empire
Mapping out Steve Ross’ South Florida empire
Mayor Eric Adams, Related Companies' Stephen Ross and Sterling Equities' Fred Wilpon with a rendering of the soccer stadium (The Related Companies, Sterling Equities, Getty)
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
From left: Related Companies’ Stephen Ross, Sterling Equities’ Fred Wilpon, and Willets Point in Queens (Getty, Jim.henderson/Public domain - via Wikimedia Commons)
Related, Sterling file first plans for Willets Points housing
Related, Sterling file first plans for Willets Points housing
A photo illustration of Related Companies' Stephen Ross along with 514 West 36th Street (left) and 517 West 35th Street (right) in Hudson Yards (Getty, Google Maps)
Related files plans for Hudson Yards office tower
Related files plans for Hudson Yards office tower
From left: Russ & Daughters' Niki Russ Federman and Josh Russ Tupper; Related Companies' Stephen Ross; and 50 Hudson Yards (Getty, LoopNet)
Russ & Daughters to open shop at Related’s 50 Hudson Yards
Russ & Daughters to open shop at Related’s 50 Hudson Yards
Related's Stephen Ross with One Lady Bird Lake and 901 South Congress (Related Companies)
Inside Related’s growing company town in Austin
Inside Related’s growing company town in Austin
arrow_forward_ios

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

Loading...