TF Cornerstone Inc. (TFC), a full-service acquisition and development real estate company, and the New York City Economic Development Corporation (NYCEDC), announced that TFC, along with its development partners—Greenpoint Manufacturing and Design Center (GMDC), Coalition for Queens (C4Q), and BJH Advisors—have been selected to develop a 1.524 million-square-foot mixed-use development in Long Island City’s (LIC) Anable Basin inlet.
The approximate 4.5-acre site will include accessible residential, commercial, industrial, and academic spaces that foster inclusive innovation community, generate new business development, and link local residents with the skills and resources needed to gain quality jobs.
Emerging Developer C4Q will assist with the commercial programming, provide software training for underserved communities, and serve as a connector to the technology community.
Also partnering with TFC, industrial nonprofit emerging developer GMDC will provide affordable and accessible quality industrial space, and emerging developer BJH will support additional linkages to the industrial and scientific/technology-based commercial sectors.
“Over the last decade, TF Cornerstone has been a leader in Long Island City’s urban renaissance, evolving from a largely industrial hub to a thriving 24/7 community,” says Jeremy Shell, principal and executive vice president at TFC. “As an early pioneer in developing over 3,200 apartments along the Long Island City waterfront, TF Cornerstone is thrilled to be part of the next chapter in the evolution of this neighborhood. We are excited to be working with the DeBlasio administration and our development partners GMDC, C4Q and BJH, on creating a new model for urban mixed-use development.”
The project aims to spearhead job growth along the LIC waterfront by bringing together and catalyzing the emerging tech, arts, light manufacturing, and creative industries. Through its program partners, the proposal will build upon the strong industrial and manufacturing history of the area, empower the new “hyphen-tech” and cross-disciplinary companies emerging in Long Island City, and connect underserved and diverse communities with new opportunities. The activities, services, and spaces offered through the partners will attract new companies and encourage the growth of new startups.
“One of the primary goals of this project is to support the commercial, technology, artisan and industrial businesses of Long Island City, while also balancing that work environment with market and affordable housing.” says Jake Elghanayan, principal and senior vice president at TFC. “By providing dedicated space for skilled job training programs, the project will generate a diverse set of economic and employment opportunities for New Yorkers.”
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