NYC Nixes $3B Willets Point Plan For Related, Sterling Deal

Law360, New York (May 17, 2012, 5:34 PM EDT) -- New York City's long-stalled $3 billion redevelopment plan for a 62-acre site in Queens known as Willets Point has officially been discarded in favor of a private deal with real estate giants The Related Cos. LP and Sterling Equities, according to various news reports published Thursday.

The Bloomberg administration had long been planning to turn the land near a former ash dump into a vibrant new neighborhood with 5,000 mixed-income housing units, millions of square feet of retail and commercial space, a hotel and convention center,...
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