The New Coney Island - Brooklyn's Times Square by the Sea

Saturday, November 14, 2009

Here's the way this rolls

City just put out an RFP for the parcels they bought. 10 year lease. Don't be surprised if Astroland is a strong bidder. City considers this interim but 10 years is a heck of a long time. They want permanent amusements after that. Amusements should be going up already by May of 2010 which is awesome news. We get this fast!

Thor waits for the amusements to go up and the $150 mil infrastructure before starting on the hotels, restaurants and indoor entertainment in Coney. That's going to take a couple of years before this portion will even get started. But that land will skyrocket in value once the amusements are successful so don't be surprised if Marriott, Hilton or Sheraton show very strong interest in Coney hotels. In fact I would say that is to be expected.

This winter the State Legislature should pass the alienation of the Keyspan parking lot land. Taconic then is clear to start building their condos and retail in Coney North and West on the land they already own. I think everone believes Taconic also has its eye on the Keyspan Parking lot for condos. I see Taconic moving very quickly and the buildout begins in 2010.

We are going to see great progress in Coney next year already. The amusement portion will start to spur the condo and hotel interest. Don't be fooled by everybody talking 15 years now. 2010 Coney starts again.

Quite honestly none of this scenario would have happened for Coney if Joe Sitt did not originally invest. All of this is happening because of Domenic's and Joe Sitt's vision for Coney close to a decade ago. The city would have never moved forward without this combination of political and private developer interest. The scenario now is better than anyone could have even imagined when this all started.

Year round Coney is about to happen and VERY SOON!

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