New York City’s ambitious plan to transform Coney Island into a year-round entertainment complex complete with high-rise hotels, restaurants and retail stores has been approved by the City Council.
The 19-block rezoning plan sets aside 27 acres for amusement and entertainment use, including more than nine acres for outdoor games, rides and the city’s first new rollercoaster since 1927.
The plan also calls for the creation of more than 4,000 housing units, 35% of which will be designated for low-income tenants, in the area around the amusement park.
Around 6,000 new, permanent jobs and 25,000 construction jobs will be created by the project, which will generate an economic impact of $14 billion over 30 years.
Under the tentative deal with developer Thor Equities, the city will buy six of Thor’s 10 acres, leaving the remaining property for Thor to develop. Critics fear this will rob the area of its historic charm, particularly by allowing high-rise hotels.