Coney Island Development - Your Thoughts

oiseau

Coney Island Development

Investments in Coney Island, like the construction of the Brooklyn Cyclones’ KeySpan Park, restoration of the Stillwell Avenue Terminal, and development of substantial amounts of infill housing within the community, have all laid the groundwork for further development at Coney Island.

In 2003, the City mobilized the Coney Island Development Corporation to plan and implement economic and development strategies like developing vacant property for commercial and residential use, including housing, retail stores and a community center.

The City announced the strategic plan in September 2005, committing $83.2 million in funds to keep the projects rolling. Projects will continue in the area through 2009 as more private funds become available.

Recently, Thor Equities has purchased 14 acres of boardwalk land in the hope of building a $1.5 billion entertainment destination. Thor's plans include a mix of amusements, attractions, and housing. Thor's project calls for a water-park-themed hotel, another full-service hotel, time-share facilities, new retail, a multilevel carousel and a 4,000-foot roller coaster.

The project is awaiting city approval, but the company hopes to break ground in by mid-2008 and wrap up in about five years. In October 2006, the New York City Economic Development Corporation and Wildlife Conservation Society chose three designs – stemming from a contest announced in June – for a renovation of the New York Aquarium.

Some long-time vendors will be forced to leave as a result of the revitalization plans, causing concern about what will happen to the unique Coney Island experience. Some opponents also claim that that Thor Equities is less interested in amusement development, and is instead just waiting for the city to make a zoning change that will allow residential development in hopes of being able to ‘flip’ the properties for a substantial profit.

In February 2007, Amanda Burden, chair of City Planning, announced that the area would be inapprroprite for luxury housing, a component of Thor Equities plan that they have described as necessary to finance the amusment area.

In response to Ms. Burden’s comments, Thor Equities has proposed confining the 900 in a single 40 story tower on Stillwell Avenue’s west side near Surf Avenue. This marks Thor’s first compromise from its original plan which called for spreading the housing out among four boardwalk locations within the proposed 425,000-square-foot amusement complex.