Browse By

What about the redevelopment of the peninsula? Updates

Older reports had claimed that the city had plans to redevelop the east Citi Field peninsula. Nevertheless, two properties in Willets Point have recently hit the market, leading us to believe that these plans will not come to fruition any time soon.

One salvage yard known as Semco is selling its property, while a truck and auto repair shop is doing the same thing. The Semco site spans one acre and is being sold for $17,9 million. It’s located in the center of the district. The second company is looking to unload a lot half the size for $16 million, located at Willets Point’s north end.

As far as reports had stated, the city had divided the redevelopment plan into two phases. The first one included housing, hotels and plenty of retail space right across the street from Citi Field. The plan was scrapped back in June by the state’s course, though authorities have declared they are confident a new plan will take its place. A spokeswoman for the government stated they continue to search for a plan that includes mixed-use spaces that will mark the beginning for a whole new area. They have hopes that eventually, schools, libraries and retail spaces will be able to open in the peninsula.

The two lots up for grabs are not included in the first phase, but in the second. Surely, the sellers are hoping someone will want to purchase these lots before the government starts its own development, hence buying them before the price goes up.

The area is in desperate need of renovations: there are no paved roads, the soil is very contaminated and the space houses many junk shops, which represent a very long list of obstacles for future developers. This is the reason why the city decided to take on this project rather than leaving it to private investors. [Crains NY]