Crains New York - October 22, 2012 - (Page 15)

REPORT SCULPTURED LOOK: Thomas Balsley’s firm’s ongoing work on Riverside Park South has drawn praise. R E A L E S TAT E INSIDE Deals New York Foundling turns its headquarters surplus space into revenue PAGE 18 The List New York area’s largest construction firms PAGE 19 Staten I. suddenly slips into high gear From Ferris wheel to outlet mall, North Shore eyes transformation BY AMANDA FUNG True, the world’s largest Ferris wheel and the city’s first outlet mall are both coming to the North Shore of Staten Island, but the even more surprising news is that they will have lots of company. In fact, several big developments are set to transform longunderutilized areas that lie between the Staten Island Ferry Terminal and Stapleton, along the harbor, into a bustling waterfront community.Among them is a 286,000-square-foot project including a hotel and housing that Queens-based Triangle Equities plans to build on an erstwhile Coast Guard site. Less than a mile Total private investment in north, plans Ferris wheel, mall are taking and hotel shape to turn a seven-acre decommissioned U.S. naval base site known as Homeport along the waterfront in Stapleton into another mixeduse development with housing and stores. “We are seeing more and more creative spark and economic development move into Staten Island,” said David Barry, president of Ironstate Development, the New Jersey-based developer tapped last year by the city to develop the Homeport site. Homeport will be the first project to take shape. Mr. Barry expects work to get underway on the $115 million first phase, with 520 rental apartments, in the first quarter of next year. He hopes to finalize his construction financing by year’s end. When complete, the $150 million property will have 900 residential units and 30,000 square feet of retail space, plus a public plaza. “We are very excited,”said Mr. Barry, who started scouting Staten Island for building sites four years ago. “We expect our project $480M buck ennis Parks translate to profits A bumper crop of designers blossom as $1.5B in projects are rolled out in city BY STEPHEN KLEEGE All over the city, parks have been proliferating, offering New Yorkers everything from popular waterfront destinations to quiet neighborhood oases. It is a tide of green that is improving the quality of life and air, as well as boosting property values—and in the process, burnishing the reputations, as well as revenues, of a platoon of the city’s leading landscape architects and design firms. In the past decade, several big, transformative projects and a host of smaller ones have blossomed. Among the major ones are the 550-acre Hudson River Park, based on a master plan by Quennell Rothschild & Partners; the first two phases of the High Line Park, designed by James Corner Field Operations; and the Hunters Point South project on the Long Island City, Queens, waterfront, designed by Park spending under the Bloomberg administration In millions of dollars Bronx $316 Brooklyn $352 Manhattan $345 Queens $358 Staten Island $116 Source: NYC Parks Dept. Thomas Balsley Associates and Weiss/Manfredi. “It’s been a real renaissance,” said Vin Cipolla, president of the Municipal Art Society of New York.“A competitive city needs to be a livable city, and the quality of the public realm is on top of the list.” All told, the city has spent about $1.5 billion on 2,019 park improvement projects—including new parks—since Mayor Michael Bloomberg took office in 2002. New York currently has 167 park projects with a total cost of more than $626 See PARKS on Page 16 See SI on Page 17 October 22, 2012 | Crain’s New York Business | 15

Table of Contents for the Digital Edition of Crains New York - October 22, 2012

Crains New York - October 22, 2012
In the Boroughs
In the Markets
The Insider
Business People
Opinion
Greg David
Report: Real Estate
Real Estate Deals
The List
Digital New York
Classifieds
For the Record
New York, New York
Source Breakfast
Out and About
Snaps

Crains New York - October 22, 2012