Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Thursday, December 13, 2001
Release # 397-01

Contact: Sunny Mindel / Peter C. Fenty (212) 788-2958
  Gregory Miley/Janel Patterson (EDC) 212-312-3523


MAYOR GIULIANI ANNOUNCES RETAIL DEVELOPMENT
FOR MIDWOOD SECTION OF BROOKLYN

Mayor Rudolph W. Giuliani announced today the designation of AVR Realty, Inc. to develop two parcels of land in the Midwood Section of Brooklyn near Kings Highway. AVR plans to construct and operate an approximately 80,000-square-foot retail center for national retailers and parking facilities for approximately 400 cars.

"This project scores high on a number of issues," said Mayor Giuliani. "It will accomplish the City's objectives of bringing destination retail to Midwood, Brooklyn, while increasing public parking facilities in the area. The project will also bring the community 160 new jobs."

The site is made up of two parcels. Parcel 1 is located one-half block north of Kings Highway between East 14th and East 15th Street and contains approximately 43,000 square feet of land with 60 parking spaces. Parcel 2 is a lot located one-half block south of Kings Highway between East 14th and East 15th Streets that contains approximately 22,000 square feet of land with 160 parking spaces.

AVR Realty proposes to develop Parcel 1 with approximately 80,000 square feet of retail space on two levels, and 100 parking spaces. Parcel 2 will be a 300-space, multi-level parking garage. The retail space will be occupied by two to four national retailers. Development costs for the project are estimated at $18.2 million.

"We are pleased to be working with AVR Realty on this important project," said Michael G. Carey, President of the New York City Economic Development Corporation. "Its development team has an excellent track record for the construction and operation of retail centers and has worked successfully with EDC on past projects. In addition, AVR has demonstrated sensitivity to the needs of the surrounding community regarding parking requirements and traffic concerns."
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AVR Realty, Inc., has developed over ten million square feet of retail, office and other commercial properties throughout the New York Metropolitan area over the past 20 years.

"We look forward to working with the City and members of the local community in developing these properties," said Steven Eickelbeck, Project Manager for AVR Realty. "A major retail anchor and additional parking will provide a substantial long term benefit to the existing retail on Kings Highway.'

The City selected AVR Realty for this project as a result of a Request for Proposals (RFP) issued by EDC. In evaluating the RFPs, EDC considered a number of factors, including development team qualifications, financial feasibility, relationship to the surrounding community, design features and the ability to complete the project in a reasonable timeframe.

EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs. EDC is also responsible for the sale of City-owned land for economic development.



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