Yesterday the city announced that it’s picked a developer for Federal Building #2, the huge warehouse on 32nd Street and 3rd Avenue in Sunset Park. The EDC said it’s chosen Salmar Properties for the project, and that the firm will turn the 1.1 million-square-foot building into a “state-of-the-art industrial center” that will create 1,300 permanent industrial jobs. The building, which is owned by the federal government, will be handed over to the city and then the developers; an EDC document that sheds some light on the development team says Salmar will purchase Federal #2 for $10 million and they’re required to use the building for industrial purposes for 30 years. The city had previously chosen Time Equities to develop the building but then started looking for another developer in 2009 after the firm pulled out of the project. When Time Equities was at the helm, the redevelopment was going to result in a mixed-use concept with retail rather than the straight-up industrial project now planned.
Federal Building #2 For Sale Once More [Brownstoner] GMAP
Time Equities Bails on Bush Terminal Plans [Brownstoner]
Sunset Park’s Federal #2 a Potential Lifeboat for Creatives [Brownstoner]
Photo from PropertyShark.