New York City Economic Development Corporation will transform two city-owned sites into a groundbreaking mixed-use project that combines industrial and commercial office with residential space in Long Island City, New York.
According to city officials, “development of the 1.5 million square foot project is expected to create approximately 1,500 permanent and more than 2,500 construction jobs.”
The project will include developing 100,000 square feet of light industrial space, including 50,000 square feet of affordable workspace co-developed by GMDC, and 400,000 SF of commercial space, including 22,500 square feet of pre-built incubator spaces.
“Long Island City has emerged as one of the fastest growing centers of our city’s economy, especially when it comes to innovation and modern industrial jobs,” said NYCEDC President & CEO James Patchett. “With this project we are creating a first of its kind work-live-play structure, with affordable housing, incubators, and space for cultural institutions. We're investing in the continued revitalization of the Long Island City Waterfront, and delivering on our commitment to create good, middle class jobs for New Yorkers.”
“This dynamic new development on the Queens waterfront will bring new diverse assets to this community,” said Department of Housing Preservation and Development Commissioner Maria Torres-Springer. “The project will include critically needed affordable housing for an area that will undergo a major transformation. We are excited to work with our colleagues at EDC and development partners to see this project through to fruition.”
The project will also feature; 10,000 square feet for an Arts and Technology Accelerator, 10,000 square feet of classroom space for workforce development and career training, 80,000 square feet of step-out office space for startups and fast-growing companies in the tech, arts, design and creative industries.
In addition it will house, least 1,000 residential units, a brand new approximately 600 seat school, 19,000 square feet of ground-floor retail, and over an acre of open space, including a canoe and kayak launch point, to be designed in consultation with community members.
“Over the last decade, TF Cornerstone has been a leader in Long Island City’s urban renaissance, evolving from a largely industrial hub to a thriving 24/7 community,” said Jeremy Shell, Principal and Executive Vice President at TFC. “As an early pioneer in developing over 3,200 apartments along the Long Island City waterfront, TF Cornerstone is thrilled to be part of the next chapter in the evolution of this neighborhood.