Plans to develop 65 acres of city-owned land on Staten Island’s South Shore are coming closer to fruition, the Wall Street Journal reported.
The New York City Economic Development Corp.’s proposal to develop commercial and residential properties in the Charleston neighborhood is going through the public approval process known as ULURP, and construction is expected to kick off next year. The plan calls for a retail center, a public library and a public park in the first phase. The second phase would add more retail space, as well as a public school and senior housing.
Guido Passarelli & Sons and Blumenfeld Development Group, two developers experienced with building retail in the area, have joined forces and are in talks with the city to purchase 11 acres for the retail portion of the project for $7.5 million.
“We’re excited about the innovation of financing the public space with private money,” Kyle Kimball, the Economic Development Corp.’s executive director, told the Journal, adding that it was “a novel way of saving the city money.”