Official: Coney Island plan ‘dead’

Thor Equities’ $1.5 billion plan to redevelop Coney Island into a Las Vegas-style resort is “dead in the water,” according to a high-ranking city official. The Bloomberg administration is unhappy with the developer’s plan for 350 time-shares in the proposed hotels, as well as Thor’s push for $100 million in subsidies. Thor’s sale of the Albee Square Mall in Downtown Brooklyn earlier this year led to fears that it might also sell on Coney Island after receiving a favorable zoning change. The city official said Thor must scrap its current plan and come up with a new one before the city will meet with the developer. more [NYDN]