Massive NYC Development Project Clears Key Hurdle

Law360, New York (August 22, 2012, 6:16 PM EDT) -- Several blocks in New York City's Lower East Side that have sat vacant since the 1960s are finally on their way to development, after the city's Planning Commission on Wednesday approved a 1.65-million-square-foot mixed-use proposal.

The proposal, sponsored by the city's Office of the Deputy Mayor for Economic Development and Rebuilding, would transform the Seward Park Urban Renewal Area from a set of 10 vacant blocks into a neighborhood with mixed-income housing and new commercial development.

Despite years of controversy and false starts, the commission certified...
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