City Signals No-Go for Coney Island Luxury Tower
Land Use
BY ELIOT BROWN - Special to the Sun
February 15, 2007
URL: http://www.nysun.com/article/48692
Developer Joseph Sitt's plan to revitalize Coney Island with new
amusements financed with profits from luxury housing is facing new
resistance from the city.
Yesterday, the chairwoman of the Department of City Planning, Amanda
Burden, criticized Mr. Sitt's plan to include a luxury tower in the
beachfront district that is zoned for amusements.
"Amusements are incompatible with immediate adjacent residential
use," Ms. Burden said at a Crain's New York breakfast presentation in
Midtown.
Mr. Sitt's Thor Equities has planned a $2 billion complex for the
area, which would contain a large amusement component, both indoor
and outdoor, and retail. The developer says it must finance the
amusements with the inclusion of about 700 luxury condominiums along
the boardwalk. Market studies show that they need both the extra
people and added revenue from the units to make the development
financially viable, Thor Equities has said. Last month, the developer
threatened to scuttle its plans for the amusement park if the city
disallows the residential apartments.
The city is in the midst of creating a comprehensive plan for the
area, which would include rezoning to allow for the amusement complex
and nearby residential development. Ms. Burden said rezoning the area
for the allowance of residential units in the surrounding area is
important for the project, but apartments in the heart of the
amusement district would detract from the overall revitalization of
Coney Island. Any zoning change would need to pass through the city's
uniform land use review process, and requires approvals from the
Planning Commission and the City Council.
A spokesman for Thor Equities, Lee Silberstein, said that discussions
with the city are ongoing.
"We continue to work with the administration to formulate a plan that
can be implemented for Coney Island," Mr. Silberstein said.
As the company dances with the city over the possible inclusion of
condominiums, it has been ramping up efforts to sell the project to
the community. Thor Equities launched a website for the project last
week, which does not mention plans for the residential units, and
recently sent out cards to neighbors promoting the potential
development.
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