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September 19, 2010

Hunters Point South: open competition draws at least two bidders

Atlantic Yards Report

It's possible to take a large development site, divide it into smaller parcels and have different developers submit competitive bids? Wow, why didn't the Empire State Development Corporation Bruce Ratner think of this?

In June, I wrote about Hunters Point South, an affordable housing project, unlike Atlantic Yards, in which public land is divided into multiple sites for which competitive bids will be solicited.

Well, at least two developers will be bidding for the first parcel, 1000 of the expected 5000 units.

Crain's reported September 16, in an article headlined Developers line up for shot at huge Queens project:

At least two major developers will be submitting their proposals to develop a huge 30-acre Queens plot which was once envisioned as the site of an Olympic Village to house athletes for the 2012 games.

Both L+M Development Partners and Douglaston Development said they will respond to the city's request for proposals by the Friday deadline. The site along the waterfront in Long Island City, Queens, dubbed Hunters Point South, is expected to be turned into a $175 million residential and retail development with 5,000 apartments—60% of them reserved for middle-income residents—plus a high school for 1,100 students, a community facility and retail space. Bids were originally due Sept. 7, but due to the Labor Day weekend and developers' request for more time, the deadline was extended, according to the city Department of Housing Preservation and Development.

A housing department spokesman said, given the number and range of attendees at the pre-submission conference, the city is optimistic that it will get a good response from a wide array of developers. “We hope to designate one or more development teams around the end of this year or beginning of next year,” he said.

Atlantic Yards didn't work like that.

link

Posted by steve at September 19, 2010 9:15 AM