NEW YORK CITY — TF Cornerstone is set to develop a 1.5 million-square-foot mixed-use development in Long Island City’s Anable Basin inlet. The $925 million, 4.5-acre project will include residential, commercial, industrial and academic spaces in the New York borough of Queens.
The office portion will feature 277,500 square feet of Class A office space and 80,000 square feet of “step-up” office space for start-ups and fast-growing companies in the technology, arts, design and creative industries. Another 22,500 square feet will be dedicated to pre-built incubators for arts, technology and creative industry startups with flexible co-working spaces.
The industrial portion will include nearly 100,000 square feet of light industrial space, as well as a 5,000-square-foot “fab lab” for digital fabrication and hardware prototype assembly. About 10,000 square feet will be utilized for an Arts and Technology Accelerator, which will provide education, training, incubation and economic opportunities.
This accelerator was designed to forge new collaborations and businesses by merging art, technology and hardware, and to support an ecosystem for technological innovations and entrepreneurship. Another 10,000 square feet will be set aside for classroom space to foster workforce development and training in growing economic sectors, including arts, technology and advanced manufacturing industries.
Additional education facilities on the site will include an 80,000-square-foot public school and a 25,000-square-foot performing arts training facility that will host studios and incubator space for choreographers and young dance companies.
The project will also include 1,000 residential units, 25 percent of which will be designated as affordable housing; 19,000 square feet of retail space; and a one-acre park.
The project aims to spearhead job growth along the Long Island City waterfront by bringing together the emerging technology, arts, light manufacturing and creative industries. The project intends to build upon the strong industrial and manufacturing history of the area, while nurturing the cross-disciplinary companies emerging in Long Island City and connecting underserved, diverse communities.
The New York City Economic Development Corporation selected TF Cornerstone to develop this project alongside partners Greenpoint Manufacturing and Design Center, Coalition for Queens and BJH Advisors. TF Cornerstone will also partner with industrial nonprofit developer GMDC, which will provide affordable and accessible industrial space, and developer BJH, which will provide additional support to the industrial- and scientific/technology-based commercial sectors.
“One of the primary goals of this project is to support the commercial, technology, artisan and industrial businesses of Long Island City, while also balancing that work environment with market and affordable housing,” says Jake Elghanayan, principal and senior vice president at TF Cornerstone. “By providing dedicated space for skilled job training programs, the project will generate a diverse set of economic and employment opportunities for New Yorkers.”
ODA, Handel Architects and Mathews Nielsen Landscape Architects will design the project. The construction timeline was not disclosed.
New York-based TF Cornerstone is a family owned and operated real estate company focused on the acquisition, development, construction and management of modern residential, commercial and retail properties in New York and Washington, D.C.
— Nellie Day