City, Thor Equities May Switch Coney Island Land

After the Daily News broke news that the city was unhappy with developer Thor Equities' $1.5 billion plan to revitalize Coney Island (an anonymous city official calling the plan "dead in the water"), the Post gets its own tidbit. Apparently Deputy Mayor Daniel Doctoroff is offering to swap some land with Thor to keep Thor in the general Coney Island mix, but not right on Stillwell Avenue.

Under Doctoroff's compromise, Sitt would give the city the 10 acres of boardwalk land he owns along both sides of Stillwell Avenue so that the city could sell or lease it to amusement operators.

In return, the city would give Sitt about 350,000 square feet of land a few blocks west - the parking lot at KeySpan Park and the Abe Stark Rink.

The Post says amusements would saved this way. A Thor source said, "[Thor owner] Joe is up for anything that will get this project going."

Ten acres equals 435,600 square feet, which means Thor would be losing land, not to mention miss being right on the main drag. However, Thor could find it worthy if it can avoid more protracted meetings with city planning, if it's able to build condos or a hotel there, and if the city sweetens the deal more . What do you think will happen?

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By Jen Chung in News on August 7, 2007 8:26 AM

Comments [rss]

guest

This does not make sense. We lose parking at Keyspan, Thor gives up two massive vacant lots, one they created, but Astroland, Wonder Wheel park, 12th St Amusements, and the old buildings CIUSA are trying to save are still going to be torn down?? Okay, great. The city gets vacant lots. But the real Coney island still gets destroyed.

And so what the city gets two vacant lots. More than ten years ago the city took over the with the rusty broken down roller coaster, tore the ride down, and has done nothing with it since. Now we are going to get three vacant lots the city has no idea what to do with. And meanwhile the area they should have offered to protect which is Astroland and the Wonder Wheel are still going to be replaced with hotels.

guest

Sorry, forget to add these bits as well:

Maybe it works out to less square footage, but what he gains is the freedom to build what he wants (within reason) without opposition from the city and the public. And it's still prime beachfront property, convenient to public transportation.

Now, if we dare to dream... Imagine if this deal goes through. Sitt builds over an ice rink (which nobody uses anyway) and a parking lot. The land from Keyspan to the Aquarium, south of Surf, remains an amusement area. With the suspense finally over, Bullard finally sells or develops something on the Thunderbolt site--a new coaster perhaps? Picture the Bowery restored to its original length, and the revitalized amusement area bookended by two big roller coasters.

Yeah, it's exciting news but it's not a deal yet... In fact, in the absence of official statements, it's just a rumor.

The city could just as well decide to tear everything down. The difference is, they would be committed to keeping the area for amusements, and that would dictate what is built.

The more likely--and wiser, I think--choice would be to allow whatever's there to continue operation for now and focus first on developing the vacant areas (e.g., School Bus City, the lots on Stillwell). And fix the damn boardwalk! Once that's done, then maybe talk about a facelift for the rest.

--NYD

guest

As I just wrote on the CI-USA message board:

If the city is actually making this offer, Thor would be fools not to go for it. Not only do they get to build what they want, but they come out looking good because in the end, they provided a service by assembling all that property from the individual owners and delivering it to the city. And whatever he builds on his new parcel--hotel, retail, whatever--will likely be of more use to the community than what's there now. And of course, Bloomberg and Doctoroff end up heroes for saving the amusement area.

--NewYorkDave

guest

If true this is a step in the right direction.

Opinion Jones

I really have nothing to say about this post. I just want to know why people can't comment on the interviews on this site. Adam Horovitz is a clown. That is all.