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  1. #1
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    New York City Council approves $3 billion Willets Point redevelopment plan

    New York City Council approves $3 billion Willets Point redevelopment plan

    Earlier today, the New York City Council approved the long-in-the-works project to redevelop Willets Point by a count of 42 for, 3 against, and 1 abstention. The upgrade will be a sight to sore eyes for Mets fans, who for years have expressed their disdain towards the industrial warehouses and "chop shops" which line 126th St. and the surrounding area.

    The estimated $3 billion plan is expected to take at least 15 years to complete, beginning with a site restoration that carries a targeted completion date of 2015. Once that is completed, the area where the Citi Field parking lot currently is will be replaced by a 2,500 vehicle parking structure, and eventually the Willets West mall—the sticking point for some City Council members—which has an assigned completion date of 2018. As the long-term plan progresses, the site will eventually see new entry ramps onto the Van Wyck Expressway, and beginning in 2025 the construction of as many as 5,820 residential units and a hotel.

    The project is interesting to Mets fans for reasons unrelated to aesthetics. As the planning process moved forward, Sterling Equities, the land development group owned by Mets owners Fred and Jeff Wilpon, joined The Related Companies as project developers. This obviously means that the Mets will have a stake in the project, which the city has already earmarked or spent $400 million towards.

    Assuming the Wilpons refinance their loan due and are still in control in the Mets in 2015, it should be interesting to watch the potential financial implications going forward from a project of this scale.
    http://www.amazinavenue.com/2013/10/...-redevelopment
    uh-oh...


    “Ninety percent I’ll spend on good times, women, and Irish whiskey. The other ten percent I’ll probably waste.”
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  2. #2
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    Council approved a project to redevelop Willets Point, which is the massive property home to mostly auto dealers across 126th street from Citi Field.

    The estimated $3 billion plan is expected to take at least 15 years to complete, with construction expected to begin in 2015.

    In 2011, the New York Times reported that New York and the Wilpon-owned Sterling Equities reached an agreement in 2012 to build a new, 200-room hotel with a 1.4 million square foot mall and parking garage next to Citi Field, all of which was part of the City Council’s approval earlier this week.

    In late 2011, the above drawing (of a Phase 1 Request for Proposal (RFP) for the Willets Point redevelopment project) was posted online and made available to the public on NYCEDC.com.
    .


    “Ninety percent I’ll spend on good times, women, and Irish whiskey. The other ten percent I’ll probably waste.”
    - Tug McGraw, on his plans for his $75,000 salary

  3. #3
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    Quote Originally Posted by Claymation View Post
    uh-oh...
    3...2...1...

  4. #4
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    Even less money for the Mets...

    Funny how they can find money to finance a Mall but have no money for baseball...

    The Wilponcon continues...

  5. #5
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    How is this going to hurt the payroll?

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    Quote Originally Posted by YoungStuna View Post
    How is this going to hurt the payroll?

    That's pretty obvious I would have thought...

  7. #7
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    Quote Originally Posted by Marty Mcfly View Post
    That's pretty obvious I would have thought...
    If anything, it seems like the state is funneling money directly into the Wilpons' pockets. Is the state paying the entire redevelopment cost, or is it being split with the Mets? If the state is paying for it and Sterling Equities is developing it, that's great news for the Wilpons...you make money off your commercial real estate company and in turn it makes the Mets more valuable.

  8. #8
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    There goes my free Northern Blvd parking. Any idea when wrecking ball will first hit?
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  9. #9
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    Quote Originally Posted by fanofclendennon View Post
    There goes my free Northern Blvd parking. Any idea when wrecking ball will first hit?
    2015.
    Looks like I'll be taking the subway from now on.


    “Ninety percent I’ll spend on good times, women, and Irish whiskey. The other ten percent I’ll probably waste.”
    - Tug McGraw, on his plans for his $75,000 salary

  10. #10
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    Quote Originally Posted by Nymfan87 View Post
    If anything, it seems like the state is funneling money directly into the Wilpons' pockets. Is the state paying the entire redevelopment cost, or is it being split with the Mets? If the state is paying for it and Sterling Equities is developing it, that's great news for the Wilpons...you make money off your commercial real estate company and in turn it makes the Mets more valuable.
    A
    nd none of that money will ever see the field.

  11. #11
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    Quote Originally Posted by Nymfan87 View Post
    If anything, it seems like the state is funneling money directly into the Wilpons' pockets. Is the state paying the entire redevelopment cost, or is it being split with the Mets? If the state is paying for it and Sterling Equities is developing it, that's great news for the Wilpons...you make money off your commercial real estate company and in turn it makes the Mets more valuable.
    Sterling and Related Companies are resposible for billions of it, an estimated $3B in fact. The several hundred million the city is spending is for things like sewer systems and paved roads, which the government already provides nearly everywhere else in NYC. The environmental cleanup and the actual construction will be paid for by the developers.

    But real estate is what Sterling does. They have funds where they raise money from investors who are willing to invest in this sort of thing. The Wilpons aren't directly paying for all of this.

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    Marty, I understand your point, truly. But you do realize that the Wilpons are not on this board, right? That your antagonistic posts do nothing but needle your fellow fans?

    I'm not telling you not to post, but maybe consider your audience while doing so. Eyeore, when heard over and over and over again ceases to be a sympathetic figure and becomes more of a baseless whiner, no?

    I guess what I'm saying is that I really don't understand the purpose to your style. It doesn't seem to me that you're trying to persuade or inform. It seems like you're just trying to get under the skin of your fellow posters...which is a pretty pointless endeavor. Understand, this is coming from a guy who hates the Wilpons to such a degree, I stopped watching the games. At this point, I barely care.

    -Stork

  13. #13
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    Quote Originally Posted by Nymfan87 View Post
    If anything, it seems like the state is funneling money directly into the Wilpons' pockets. Is the state paying the entire redevelopment cost, or is it being split with the Mets? If the state is paying for it and Sterling Equities is developing it, that's great news for the Wilpons...you make money off your commercial real estate company and in turn it makes the Mets more valuable.
    This was my thinking. If anything payroll could skyrocket in the future.

  14. #14
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    Quote Originally Posted by YoungStuna View Post
    How is this going to hurt the payroll?
    Step 1 - Cut payroll

    Step 2 - ....

    Step 3 - Wilpon's Profit

    http://www.youtube.com/watch?v=tO5sxLapAts

  15. #15
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    1. Wilpons have no shot at being forced out of owning the Mets.
    2. Mets will likely bump up the payroll this year.

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