Brookfield Properties will spend $400 million to redevelop 16 acres of a 28-acre site in Manhasset into a mixed-use project featuring housing, office space, retail and a hotel, Long Island Business News reported. The site of the project, christened Manhasset Square, currently holds a 332,000-square-foot Macy’s department store and a large parking lot.
Macy’s will continue to run its store and retain ownership of the land immediately around it, but Brookfield plans to purchase the rest. Brookfield pitched the project in May to the Greater Council of Manhasset Civic Associations and will soon make a formal pitch to the Town of North Hempstead.
Aanen Olsen, a vice president of mixed-use development at Brookfield, told LIBN that the firm expects to make a more formal announcement soon.
The Real Deal reported last year that Brookfield plans to “future proof” some malls by turning them into mixed-use “mini cities.”
When built, Manhasset Square will have 355 rental apartments, 72,000 square feet of office space, 73,400 square feet of retail and a 200-room hotel. Most of the apartments will be one-bedrooms, although Brookfield told Newsday last week that two- and three-bedrooms will likely also be built.
Some elected officials are concerned that the proposed development will bring heavy traffic and congestion to an otherwise quiet residential area. Brookfield is still in the process of getting the proper approvals. Construction on Manhasset Square is expected to begin in 2021, with completion likely two years later, according to news reports. [LIBN] — Aidan Gardiner