The 62-acre site will be redeveloped over the next 15 years, starting with the controversial relocation of residents and businesses during the first phase of the project. Unhappy residents sued the city in the past over the relocation plan, but the city has already acquired 95% of the land required for the redevelopment.
Over the next few months, the first phase of the project will begin, cleaning up 23 acres of contaminated land near Citi Field. After the area is pronounced livable, the 126th Street corridor will be developed, including a 200 room hotel, retail shops and restaurants. Mixed income residences will come next, and 875 units out of the 2,500 total units built will fall under affordable housing. Bloomberg projects that the new Willets Point will bring approximately 3,000 jobs and economic growth while also creating a new residential area in Queens.
The Willets Point Redevelopment Project is expected to cost $3 billion in private investment and $100 million from city funds to clean up the contamination.
Via DNA Info