“Over the last four decades, the amusement district has dwindled to just three acres, but we’re now reversing that trend,” notes mayor Michael Bloomberg. “Like New York City’s other great parks, Coney Island’s amusement park will be owned by the public, and its future will be in the hands of New Yorkers who have cherished it for generations.”
With the acquisition of three waterfront parcels, the City will create a 12.5-acre outdoor amusement park within a new 27-acre amusement and entertainment district.
Approved by the City Council in July, the plan will create a mixed-use neighbourhood with new retail options and nearly 5,000 new units of housing. In total, the plan is expected to generate more than $14 billion in economic activity for New York City over 30 years.
The land is part of a larger parcel acquired by Thor Equities some years back for $100 million. Thor already made $77 million when it sold part of that land to Taconic Investment Partners in 2005, and still has some left. New York City now owns a right of first offer for the remainder within the amusement and entertainment district.