City may include private developer for Coney Island

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Six months after the city rejected a rezoning proposal needed for Thor Equities’ $1.5 billion mixed-use redevelopment of Coney Island and announced that it would redevelop the area itself, city officials have admitted that they are short on financing and are willing to enlist the help of private developers. Thor still owns 11 acres of the 15 acres targeted for redevelopment, although a spokesperson for the Coney Island Development Corp. said the city will not back Thor’s original plan for luxury high-rise condos and time-share hotels. 

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