Corona-based United Construction & Development Group has entered into contract to purchase the vacant, 3.7-acre mixed-use development site at 131-35 Roosevelt Avenue, a.k.a. 39-08 Janet Place, in downtown Flushing. The sale is expected close for more than $100 million, The Real Deal reported. The site can accommodate up to 870,000 square feet of mixed-use development. In fact, plans for four 16-story towers, connected by a common base, were approved in 2008. That would include 457 residential units, 313,000 square feet of commercial space, and 7,500 square feet of community facility space. It’s unclear whether the next owner will move forward with those plans, but United has reportedly met with the Ismael Leyva Architects, who was responsible for them.
39-08 Janet Place
Property owners ABS Management & Development and Babad Management are now placing on the market the 3.7-acre vacant development site at 39-08 Janet Place (a.k.a 131-35 Roosevelt Avenue), in Downtown Flushing. The Real Deal reports the site currently offers 870,000 square feet of development rights. A five-tower, 450-unit mixed-use project was approved by the city before the 2008 financial crisis. It was going to be built by LEV Development Group and was designed by Ismael Leyva Architect, but it never got off the ground. Today, the plot is subject to the proposed Flushing West Rezoning, and, if established, would be located within the rezoning’s special waterfront district. That means a future development may require the construction of a waterfront promenade along Flushing Creek (although we don’t know if the rezoning means that the site would get more development rights). The site doesn’t have an asking price, although brokers expect the site to generate more than $120 million.