Mayor Bloomberg, Borough President Molinaro and Ironstate Development announce $150 million redevelopment plan for Staten Island Homeport

in Investing,North Shore Staten Island

Mayor Bloomberg, Borough President Molinaro and Ironstate Development announce $150 million redevelopment plan for Staten Island Homeport
First stage of Stapleton waterfront development will create 800 residential units, new stores, 1,100 construction jobs and 150 permanent jobs

Mayor Michael R. Bloomberg, Staten Island Borough President James P. Molinaro and members of the Homeport Task Force today announced Ironstate Development Company will redevelop the approximately seven acres of the Homeport in Stapleton, Staten Island. As part of the community-driven Stapleton Waterfront Development Plan, Ironstate will transform the decommissioned U.S. Naval Base site into a green development with approximately 800 residential housing units with new stores and a public plaza, creating more than 1,100 construction jobs and 150 permanent jobs. The City will invest $33 million in this first phase of development of the Homeport site for infrastructure improvements and a new waterfront esplanade that will provide community access to the waterfront. State Senator Diane Savino, State Assemblyman Mathew J. Titone, Council Member Kenneth Mitchell, Deputy Mayor for Economic Development Robert C. Lieber, New York City Economic Development Corporation (NYCEDC) President Seth W. Pinsky and Ironstate Development Company President David Barry joined the Mayor at the announcement, which took place at the Homeport site.

“The redevelopment of the former Homeport Navy base will transform an underutilized waterfront site into a vibrant, new Staten Island neighborhood with housing, shops and beautiful open space,” said Mayor Bloomberg. “When combined with the waterfront and infrastructure improvements the City will be providing for the area, this project will be a catalyst for the future revitalization of the Stapleton neighborhood and other North Shore communities. I applaud the community leaders who participated in the Homeport Task Force for their dedication and service, and Ironstate Development for its confidence in the future of Staten Island.”

“I am thrilled to welcome Ironstate Development Company to Staten Island,” said Borough President Molinaro. “Today’s announcement is a great example of teamwork between the Bloomberg Administration, NYCEDC, my office, and the local elected officials who worked diligently to bring this project to today’s terrific announcement.Staten Island residents today and in the future will benefit from this development and it is truly a ‘win win’ for all.”

“I am pleased to hear that the City has worked together with Borough President Molinaro on securing a firm commitment from a developer,” said Congressman Michael E> McMahon. “Moving forward, it is important that the public amenities and corridor of connectivity between the waterfront and the upland community set forth by the Homeport Task Force are incorporated. All parties should be commended for working together and I look forward to the day when the Task Force’s vision becomes a reality.”

Ironstate Development Company will build two residential buildings up to six stories tall each, in compliance with current zoning and designed to complement the character of the community. The complex will feature ground-floor retail accompanied by wide sidewalks and a public plaza for outdoor dining and to encourage pedestrian activity and public gatherings. The City is funding major road reconstruction and waterfront public open space adjacent to the housing complex. The improvements will include critical upgrades to Front Street and the streets that link the development site to the Stapleton community. The improvements will also provide the community with much-anticipated access to the waterfront. Designs are being finalized and the improvements will be implemented concurrently with construction of the development project. Construction is expected to begin in 2011, following completion of the project design and relocation of several City operations.

In keeping with the Bloomberg Administration’s commitment to environmental sustainability, the redevelopment of the entire Homeport site will participate in the new LEED (Leadership in Energy and Environmental Design) for Neighborhood Development program administered by the U.S. Green Building Council. The Ironstate residential project will seek LEED for New Construction certification.

“With stunning views and incredible waterborne access, the Homeport site will be transformed into one of the most exciting and attractive waterfront areas in New York City,” said Deputy Mayor Lieber. “It’s critical, now more than ever, that we make the necessary investments in infrastructure that pave the way for residential development. Today we mark an important step towards realizing that vision.”

“In these challenging economic times, it is great to be able to announce such a forward-looking project,” NYCEDC President Pinsky. “This project will do great things for the future of Stapleton and Staten Island in general. When combined with the waterfront and infrastructure improvements the City will provide, this project will be a catalyst for the future revitalization of the Stapleton neighborhood and other North Shore communities. I applaud the Homeport Task Force for their dedication and service and Ironstate Development Company for its vision and confidence in that revitalization.”

“Our company is proud to be chosen to lead the effort to develop the Homeport site,” said Ironstate Development President David Barry. “We intend to capitalize on Homeport’s tremendous transportation links and unique waterfront location to create an extraordinary new asset for the citizens of Staten Island. The proposed development, which will contain a variety of shops, restaurants, apartments and a brand new waterfront esplanade, will create hundreds of jobs and will be a credit to the community of Staten Island.”

In 2003, Mayor Bloomberg formed the Homeport Task Force, comprised of City officials, local elected representatives and business and community leaders to develop a plan for the site. In 2007, New York City Economic Development Corporation issued Requests for Proposals for residential and ground-floor retail development, a hotel with a banquet hall and restaurant, and a sports complex, but responses were limited and ultimately deemed unsatisfactory. The site will now be developed in phases, beginning with the housing, retail and waterfront esplanade. Ironstate Development Company was selected as the developer based on its proposal, which complied with the approved development framework for the Stapleton Waterfront, met the goals set forth by the Homeport Task Force, and complemented the historic character of the surrounding community.

Ironstate Development has a history of developing and revitalizing established urban centers. Some recent projects include The Shipyard, a development of residences, retail shops, ferry stop and marina on the Hudson River in Hoboken; Port Liberte, a waterfront condominium community in Jersey City; and Pier Village and Beach North, a mixed-use development rental residences, condominiums and townhomes and entertainment and lifestyle retail shops on the oceanfront in Long Beach, New Jersey.

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