Developers Close on Flushing Commons, and It May Just Break Ground This Month

The Flushing Commons project is finally, finally! moving to action. Crain’s reports that the developers closed December 30 on the 5.5-acre municipal parking lot where the complex will be constructed. The developers paid $20,000,000 for, as Crain’s puts it, “the last development project to be sewn up during the Bloomberg administration.” They expect to break ground this month, pushed back from initial plans to break ground last October.

The developers also have a new timeline to build: the public amenities promised in the project will come in a later phase of development and the construction timeframe has been shortened. Phase One now includes 150 units of housing, a 1,000-space parking lot and 220,000 square feet of commercial space. Phase Two includes 450 residential units, more commercial space, 15,000 square feet of community space, a YMCA and a 1.5-acre public park. Initially, the developers had until 2027 to begin second phase construction, now they have until 2018. This new timeline is because “the residential and commercial components of the project had to be front-loaded in order to secure both debt and equity financing.”

Local Flushing businesses expressed opposition to the development and how its construction will affect nearby commerce. The city promised merchants a business assistance package totaling $2,250,000, which will help fund advertising and promotional campaigns.

Big Queens Project to Break Ground [Crain’s]
Flushing Commons Developers Actually Not Breaking Ground in October [Q’Stoner]