Flushing Commons breaks ground on megaproject’s first phase

Lack of funding has bedeviled massive project initially proposed in 2006

TRD New York /
Jul.July 01, 2014 02:30 PM

Work on Flushing Commons, a massive commercial and residential development that will rise atop a former municipal parking lot, is finally underway.

The $1 billion project will offer up a mix of housing, commercial and community space on the five-acre site, including a 1.8 million-square-foot YMCA, underground parking and one-acre public square. The first phase is slated for completion by 2017.

“It’s hard to overestimate how transformational this will be for Flushing,” Michael Meyer of F&T Group, which is developing the site along with the Rockefeller Group Development Corp. and AECOM Capital, told the New York Daily News. “This site is really the 57th Street and Fifth Avenue of Queens.”

The Rockefeller Group and TDC Development, the latter of which is a subsidiary of F&T Group, pulled together $313 million to finance the first phase of the project in April, clearing the final financial hurdle for the long-delayed project. Originally proposed eight years ago and approved by the City Council in 2010, the project repeatedly hit snags as a result of funding problems. [NYDN]Julie Strickland


Related Articles

arrow_forward_ios
Grand ambitions: Related’s LA megaproject hits halfway mark

Grand ambitions: Related’s LA megaproject hits halfway mark

Grand ambitions: Related’s LA megaproject hits halfway mark
1271 Sixth Avenue and AIG CEO Brian Duperreault (Google Maps)

AIG throws its weight behind Manhattan’s office market

AIG throws its weight behind Manhattan’s office market
From left: Rockefeller Group CEO with 1221 6th Avenue and Tishman Speyer CEO Rob Speyer with 630 Fifth Avenue (Credit: Google Maps; Rockefeller; Drew Angerer/Getty Images)

Big law firm lease falls through at Tishman Speyer’s 630 Fifth

Big law firm lease falls through at Tishman Speyer’s 630 Fifth
Sam Chang and 150 West 48th Street (Credit: Google Maps)

Sam Chang lands $250M loan for Midtown hotel project

Sam Chang lands $250M loan for Midtown hotel project
1271 Sixth Avenue and Rockefeller Group CEO Daniel Moore (Credit: Rockefeller Group)

Investment bank takes two full floors at Rockefeller’s 1271 Sixth Ave

Investment bank takes two full floors at Rockefeller’s 1271 Sixth Ave
Steve Morriss, AECOM's Group President of Design and Consulting Services in the Americas, and Riker's Island (Credit: Wikipedia)

City taps AECOM to lead replacement
of Rikers

City taps AECOM to lead replacement
of Rikers
Rockefeller Group looks to sell large Midtown development site

Rockefeller Group looks to sell large Midtown development site

Rockefeller Group looks to sell large Midtown development site
AECOM, Canyon Partners JV will spend $4B to develop properties nationwide

AECOM, Canyon Partners JV will spend $4B to develop properties nationwide

AECOM, Canyon Partners JV will spend $4B to develop properties nationwide
arrow_forward_ios

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

Loading...