TF Cornerstone Inc. (TFC), a full-service acquisition and development real estate company, along with 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 Non-Profit 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.
“C4Q is focused on building inclusion and equality through technology and ensuring that more New Yorkers are able to participate in the new innovation economy,” says Jukay Hsu, CEO and founder of C4Q. “This initiative is a transformative opportunity to create a diverse, integrated, and dynamic physical environment with vibrant live and work spaces that are representative of the values and cultures of Queens and New York City. We are excited to work with the NYCEDC and TF Cornerstone to connect our local community with the tremendous opportunities created by the rapidly growing tech industry.”
Through the use of innovative office and industrial development, inclusive housing options and education/training features, the development will enhance the neighborhood’s existing strengths and further contribute to a thriving residential community. 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 programmatic 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.
“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.”
ODA, Handel Architects and Mathews Nielsen Landscape Architects are the architects on record, each recognized for their extensive experience in designing public/private sector projects.
The development is slated to include the following:
- Approximately one million square feet of nearly 1,000 units of residential use; 25 percent will be designated to affordable housing,.
- About 400,000 square feet will be devoted to commercial uses and breaks down into roughly:
- 277,500 square feet of Class A office space leased to tech, arts, design and creative tenants
- 80,000 square feet of “step-up” office space for start-ups and fast-growing companies in the tech, arts, design and creative industries
- 22,500 square feet of pre-built incubator spaces and will include flexible space for co-working and incubator spaces for arts, tech and creative industry startups, supplemented by industrial flex space and a 5,000-square-foot “FAB LAB” for digital fabrication and hardware prototype assembly
- 10,000 square feet will be utilized for an Arts and Technology Accelerator, providing education, training, incubation and economic opportunities designed to forge new collaborations and support an ecosystem for technological innovations and entrepreneurship
- 10,000 square feet of classroom space intended for workforce development and training in growing economic sectors including arts, technology and advanced manufacturing industries.
- Nearly 100,000 square feet of light industrial space
- An 80,000-square-foot public school.
- A 25,000-square-foot performing arts training facility that will be host to studios and incubator space for choreographers and young dance companies.
- Approximately 19,000 square feet of retail space
Lastly, this development will engage the public with a one-acre park, serving as one of LIC’s largest public recreational spaces.
“GMDC is grateful to have been considered a potential partner and is now very excited about participating in the project now that our team has been selected. We look forward to working with TF Cornerstone to develop the industrial space and to be a part of this transformative development,” said Brian T. Coleman, CEO of GMDC.
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