The Real Deal New York

Pending $70M deal will decide fate of Willets Point plan

The city, Related and Sterling Equities must hammer out an agreement this week
October 07, 2013 05:25PM

The future of the Related Companies and Sterling Equities’ plan to overhaul Willets Point with a mega-mall could rest on whether the city is willing to shell out $70 million for traffic ramps leading to the development.

Two days before the City Council’s vote, Queens officials today sought a guarantee. The city has vowed to pay for the ramps, though no funds in the capital budget have been allocated to the project.

The ramps are intended to address a key criticism about the project — that not enough groundwork is being laid for the residential component of the project that may arrive as late as 2025. The ramps would boost accessibility to the site for residents arriving years from now.

Queens council member Julissa Ferraras, who is in talks with the city, requested that the ramps be included in a deal the city set up last year with the developers, according to a report from Crain’s.

Two City Council subcommittees are set to vote on the plan Wednesday. The full council could make a final decision as soon as next week. [Crain’s]Mark Maurer

  • David Brown

    This is semantics with Julissa Ferraras covering her you know what. Why? Remember City already agreed to the “demand” to pay $70m, and if Di Blasio would say NO! to that, it would kill the Willets Point Redevelopment. Remember, it is most likely his Administration (not Bloomberg’s) that would need to find the ramp money. I will be amazed if this and Two Trees/Domino Sugar another “Affordable Housing” project are not approved.

    • NIMBYs move to Ohio Please

      Are you suggesting that redeveloping the Domino Sugar Factory area is a bad idea?

      • David Brown

        I support BOTH Two Trees/Domino Sugar AND Willets Point, and simply commented that I would be shocked if either project was not approved (notice De Blasio is NOT saying NO to either project (unlike Eastside Midtown Rezoning)), and all you are seeing is Julissa Ferraras doing a CYA (covering your A**) job on Willets Point, and I suspect that most of these last minute projects will get approved (with the exceptions of Eastside Midtown Rezoning and Greenpoint Landing (I would say the Outlet on Staten Island is in slightly less trouble, but will likely go through))