Groundbreaking ceremony held today for $260M Governors Island renovation

New York /
May.May 24, 2012 05:30 PM

Mayor Michael Bloomberg led the groundbreaking ceremony for the first $260 million worth of developments on Governors Island today, the New York Times reported. The initial renovation phase of the increasingly trafficked island – visitors jumped to a half-million last year from 8,000 in 2005 – will add formal gardens, lawns, play areas and woodlands. But the bulk of the budget will be spent on much-needed infrastructure: repairing 2.2 miles of seawall, building a water-line to Brooklyn, demolishing 18 abandoned buildings and improving electrical and telecommunication facilities.

“Governors Island is the centerpiece of our efforts to revitalize New York City’s waterfront,” Bloomberg said. “In 2010, we promised that our administration would make Governors Island a destination that New Yorkers and visitors would be able to enjoy for generations. Today’s park groundbreaking takes us one step closer that goal.”

The island opens for the season this Saturday and is still offering free ferry rides. The state plans to eventual phase-in commercial developments, hotels and even college dormitories, however, there will be no stand-alone housing. The island currently features 33 acres of developable space for commercial use and 1.4 million square feet of buildings. The public parkland phase is scheduled for completion in fall of 2013. [NYT]


Related Articles

arrow_forward_ios
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
A rendering of Gowanus Green and HPD commissioner Louise Carroll (Rendering via Jonathan Rose Companies)

Massive Gowanus development will be 100% affordable

Massive Gowanus development will be 100% affordable
Sheldon Solow (Getty)

Billionaire developer Sheldon Solow dies at 92

Billionaire developer Sheldon Solow dies at 92
Peter Koo and the Flushing waterfront (Facebook, Flushing Waterfront, rendering by Jeff Strikeman Architectural Art)

Flushing … another project down the toilet?

Flushing … another project down the toilet?
Photo-illustration (images via Getty)

Kiss the ring: City pols weigh heavy on development in these major markets

Kiss the ring: City pols weigh heavy on development in these major markets
Alex Sapir’s family closes on luxury condos at Sapir’s Miami development

Alex Sapir’s family closes on luxury condos at Sapir’s Miami development

Alex Sapir’s family closes on luxury condos at Sapir’s Miami development
A rendering of the Flushing waterfront and City Planning commissioner Michelle de la Uz (Rendering via Hill West Architects; New York Housing Conference)

City Planning approves Special Flushing Waterfront District

City Planning approves Special Flushing Waterfront District
arrow_forward_ios

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

Loading...