Monday, April 30, 2007

Taconic Steps Into Thor’s Shadow

With a revamped website, (found via Sandcastles post in the CIUSA board) Taconic Investment Properties elaborates on their investment portfolio with their planned ventures for Coney Island which consist of almost 6 million square feet of residential, retail, and parking space.

In the last couple of weeks there has been a lull in the impending Condo Coney scenario starting with the opposition’s rally which hopefully has not begun to fizzle and Thor Equities trying to make nice by commenting on scaling back the residential components a bit, to reestablishing Lola Staar and the Grill House’s leases without the gag-order. But lurking in the shadows of what may have seemed like a small step in the right direction was something else. It was well known that Thor was not the only big player in Coney….there was another. Now Taconic has made clearer their objectives for Coney Island with a large scale development plan, having the potential to grow from the already 5 acres to 11 acres.

In their investment strategy for Coney Island North and South Ventures they state:
In light of the recent significant public initiative towards the redevelopment and rezoning of Coney Island, the overall housing/demographic trends throughout Brooklyn and the immediately adjacent neighborhoods and most importantly, the proximity of the development sites to the Atlantic Ocean and mass transportation, the property is extremely well poised to be one of the most important development sites in all of the five boroughs
Even though most of their property lies in the outskirts and adjacent to the amusement C7 zones which are now mostly owned by Thor Equities, a residential and retail development this large in Coney Island, on one end may be a good thing, on the other; may strengthen the power Thor will have over the City to continue their condo quest and eradicate all what’s left of the amusement area.

1 comment:

Anonymous said...

Actually, Taconic is looking to grow from 5 plus acres to 16 plus acres.

Their Coney Island, South Venture webpage states that they are "in preliminary discussions with the City to acquire approximately 11 acres of City owned land in various locations immediately adjacent to the property."

16 acres.

Taconic is openly hopening to develop over 6,000,000 sq. ft.

To do this their investment will eclipse even Thor Equities stated $2.5 billion investment.

More likely, Taconic is hoping to parlay a few hundred million into about $6 to $7 billion into a new waterfront community.