The land that was once owned by the United States Navy is now officially the property of Ironstate Development in an $11 million sale made public on Friday.
“This is going to be the start of the renaissance for Stapleton and for St. George and for the whole North Shore,” said Staten Island Borough President James Molinaro.
Under a partnership between Ironstate and the city’s Economic Development Corporation, the long-abandoned sprawling 36-acre waterfront property is envisioned to become a Staten Island destination.
Plans call for about 900 units of housing to be built in phases and aimed at attracting young professionals. Thirty-five thousand square feet of retail space will hopefully feature mom and pop shops and established Staten Island businesses. It will also include waterfront access, infrastructure improvements and an esplanade to be paid for by the city.
“We’ve already let out a bid for the roadwork and we’re expected to get started on that shortly as well and then we’re hoping that construction on the real estate piece will begin sometime next year with construction of the public improvements, the waterfront park, following shortly thereafter,” said New York City Economic Development Corporation President Seth Pinsky.
There’s been much criticism of the city’s ability to build up the Home Port space because the site has a long history of stops and starts. But the project’s developer says he believes the project is exactly where it should be.
“I think we’re pretty much on schedule in terms of, we’d always pretty much said that by the end of this year we were gonna close and start our demolition and it’s taken a lot of effort,” said David Barry of Ironstate Development.
Officials say the buildings should be totally demolished by the end of the year. The site will then be prepped for construction, expected to begin sometime next year, with tenants moving in as soon as 2013.