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The city's acquisition of three waterfront parcels will create an outdoor amusement park within a new 27-acre amusement and entertainment district. The plan will preserve and grow the historic amusement area and create a mixed-use neighborhood with new retail options and nearly 5,000 new units of housing, including 900 lower income units. The Bloomberg administration predicts the project to generate more than 25,000 construction jobs, 6,000 permanent jobs and more than $14 billion for New York City over 30 years. ''The city's acquisition of the land in Coney Island marks the beginning of a new era in Coney Island's history,'' said Mayor Bloomberg. ''Over the last four decades, the amusement district has dwindled to just three acres, but we're now reversing that trend. With public and private investment, Coney Island will see the creation of a new 12.5-acre outdoor amusement park within a vibrant 27-acre entertainment district. Like New York City's other great parks, Coney Island's amusement park will be owned by the public, and its future will be in the hands of New Yorkers who have cherished it for generations. What's more, today's announcement means that we can move full-steam ahead with our plan to revitalize Coney Island, not only as America's greatest seaside amusement park, but also as a vibrant community with thousands of new apartments and jobs.'' Mr. Sitt, CEO of Thor Equities, still holds 5.6 acres in Coney Island after the sale to NYC. It's reported he plans to develop hotels and retail on that parcel. ''From the beginning, we have wanted to work collaboratively with anyone and everyone who shared my childhood dream,'' said Sitt. ''We couldn't be happier to be working side-by-side with Mayor Bloomberg as a partner in achieving that goal.'' |
