FOR IMMEDIATE RELEASE
November 16, 2000
Contact:Lee Silberstein/David StearnsNEW RETAIL CENTER UNDER CONSTRUCTION IN BROOKLYN--Gateway Center, the Borough's Largest Suburban-Style Retail Center, to Create Thousands of Jobs --
The Marino Organization Inc.
Brooklyn, NY, November 16, 2000-One of the largest suburban-style retail centers ever to be built in New York City is now under construction on a long-vacant, publicly-owned 48-acre site in the East New York section of Brooklyn. The $192 million project, known as Gateway Center, is slated to become home to some of the most successful retailers in the nation, and more than 1,500 jobs.
The 640,000-square-foot retail center is a development of Gateway Center Properties LLC, a partnership of Related Retail Corporation (an affiliate of The Related Companies) and Blackacre Capital Management. Greenberg Farrow Architecture, of Atlanta, is designing Gateway Center.
Anticipated anchor tenants for Gateway Center will include The Home Depot, BJ's Wholesale Club, and Target. Other anticipated retail tenants include Bed, Bath & Beyond, and Marshall's. Anticipated restaurants include Olive Garden, Red Lobster and Boulder Creek Steakhouse.
Glenn Goldstein, vice president of Related Retail Corporation, said, "Gateway Center will offer people living in eastern Brooklyn and southern Queens an outstanding shopping experience where they can get the products they want at affordable prices without leaving New York City. Moreover, the development of this long-dormant site will provide a major economic boost to the region."
The city's Department of Housing Preservation and Development originally conceived of the Gateway Center project in the late 1980s. The project is being built on properties acquired from the City and State of New York.
"Gateway Center represents one of the largest investments in recent years in Kings County ," said Charles A. Gargano, Chairman of Empire State Development, New York State's economic development agency. "It will become an important asset to the surrounding community turning unused, government-owned land mto a 640,000-square-foot retail center that will create over 2,300 construction and permanent jobs for area residents. Gateway will also help anchor smaller local businesses by generating new economic activity and encouraging visitors from other communities."
"This project, which was conceived in 1989, is now a reality," said Robert M. Harding, Deputy Mayor for Economic Development and Finance. "The City of New York's commitment of $51 million toward the project illustrates this Administration's support of economic development and housing, particularly in an area that will benefit immensely from new opportunities for employment, affordable retail and home-ownership."
Said Jerilyn Perine, Commissioner of the City's Housing Preservation and Development Department, "This retail complex will be particularly important to the residents of the 2000+ units of housing the City plans to build here in the exciting new community of Spring Creek."
"This project will transform a long-vacant parcel of land into a major retail center that will generate long-term benefits for the local community," said New York State Office of General Services Commissioner Joseph J. Seymour. "In advancing Governor Pataki's goal of finding productive uses for underutilized State properties, OGS worked closely with City officials and ESDC on this project, which will soon provide exciting opportunities for borough residents as well as additional revenues for local tax rolls."
The project is expected to generate more than $30 million in annual tax revenues to the city and state. In addition to generating revenue and creating jobs, the project will provide a number of other public benefits, including the creation of a17-acre public park - the first in New York City to provide regulation Cricket fields, creation of a new grasslands preserve on the 73-acre White Island in Marine Park, and the creation of 3.5 acres of wetlands adjacent to the project area. Privately funded infrastructure improvements include the creation of a new interchange from the Belt Parkway to service the center. These improvements are valued in excess of $33 million.
Gateway Center is scheduled to open in Fall, 2002.
Related Retail Corporation is an affiliate of The Related Companies, one of the most active real estate development, management and financing companies in the nation. Other recently completed projects of the Related Retail Corporation include College Point Retail Center and Clifton Commons. College Point Retail Center is a 300,000-square-foot retail center on 20th Avenue just off the Whitestone Expressway anchored by Target Store and BJ's Wholesale Club. Clifton Commons is an entertainment/neighborhood center off Route 3 in Clifton, New Jersey. Tenants include General Cinema, Barnes & Noble and Sports Authority among others.