Deputy Mayor Steel And NYCEDC Announce The Sale Of The Staten Island Homeport Site
Deputy Mayor for Economic Development Robert K. Steel and New York City Economic Development Corporation President Seth W. Pinsky, Staten Island Borough President James P. Molinaro, and Ironstate Development President David Barry today announced the completion of the sale of approximately seven acres of the former Homeport site in Stapleton, Staten Island to Ironstate Development Company and the start of demolition necessary for redevelopment. As part of the community-driven New Stapleton Waterfront Development Plan conceived by Mayor Michael R. Bloomberg’s Homeport Task Force to transform the decommissioned U.S. Naval Base site, Ironstate will invest $150 million to construct approximately 900 units of residential housing, 30,000 square feet of ground floor retail, 600 parking spaces and a public plaza. The City plans to invest $32 million for infrastructure improvements and construction of six acres of a new waterfront esplanade that will provide public waterfront access. The Staten Island Borough President has also committed $1 million in improvements to the Staten Island Rail Road Stapleton station. This project will create more than 1,100 construction jobs and 150 permanent jobs. The sale of the City-owned property to Ironstate Development Company closed on November 1, 2011 for $11 million.
“Ironstate’s decision to invest in Homeport is a significant statement of confidence in the future of Staten Island,” Deputy Mayor Steel said. “When this development is completed, it will add 900 new rental units to a neighborhood that is increasingly becoming a magnet for young people.”
“The reactivation of the Homeport, turning it into an exemplary green community, with public access to the waterfront, modern infrastructure, and rental housing options for young Staten Island professionals and others, will create positive momentum for Stapleton and other North Shore neighborhoods,” said Economic Development Corporation President Seth W. Pinsky. “We thank Ironstate Development for their commitment to the future of this community.”
“The development of the former Homeport site is a great stride forward for Staten Island’s waterfront renaissance. It’s obvious that this site could not be developed without housing. I would like to compliment David Barry and Ironstate for coming forward and having the courage and confidence to develop this site,” said Staten Island Borough President James P. Molinaro.
“We’re delighted to have completed the land purchase which now paves the way for development to commence,” notes David Barry, President of Hoboken, NJ-based Ironstate Development Company. “This is a uniquely-positioned site and we’re looking forward to unlocking its intrinsic value by introducing an exciting mix of shops, restaurants and apartments alongside a new waterfront esplanade that will enliven the area and benefit the community at large.”
Ironstate’s two residential buildings will be four and five stories tall, in compliance with current zoning and designed to complement the surrounding community. The new development will feature a much-needed new selection of rental apartments with ground floor retail and a public plaza to further encourage connections with adjacent neighborhoods. The new development will have multiple mass transportation options, as it is located adjacent to the Stapleton station of the Staten Island Rail Road, multiple bus routes and within walking distance of the St. George Ferry Terminal.
The City is funding major road reconstruction, including critical upgrades to Front Street, and public access improvements that will be ready at the completion of Ironstate’s first building. The approved design of the much anticipated waterfront public open space, which is to be located adjacent to Ironstate’s developments, includes innovative protection measures to reduce storm damage and prevent further shoreline erosion. In keeping with the Bloomberg Administration’s commitment to environmental sustainability, the City’s design for the public improvements has achieved Silver certification in the Leadership in Energy and Environmental Design (LEED) for Neighborhood Development program administered by the U.S Green Building Council.
Demolition of three existing buildings is underway. Ironstate estimates that its first stage of development will begin in 2012 and is expected to take 15 months. This portion of the project will consist of approximately 340,000 square feet of residential housing, 25,000 square feet of retail and accessory parking. The second stage includes 260,000 square feet of residential housing, 5,000 square feet of retail space and accessory parking. Construction on the second building is expected to begin following completion of the first. The Ironstate project will seek LEED for New Construction certification.
In 2007, NYCEDC issued three separate Requests for Proposals for a 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. Ironstate Development Company was subsequently selected as the developer for a residential and ground-floor retail development based on its proposal, which is in compliance with the approved zoning and development framework for the area and met the goals set forth by the Homeport Task Force.
Ironstate Development has a history of developing and revitalizing established urban centers. Some recent projects include Pier Village, a mixed-use community which currently features 536 rental residences, more than 100,000 square feet of retail space and the boutique Bungalow Hotel which has revitalized the Long Branch, NJ oceanfront; The Shipyard, 1,160 residences, 65,000 square feet of street-level retail space and a waterfront park on Hoboken, NJ’s Hudson River waterfront, and The W Hoboken Hotel. The developer also recently launched the first phase of Harrison Station which when completed will feature 2,600 luxury residences, 80,000 square feet of retail space and a hotel with a retail concourse on a 27-acre site adjacent to the Harrison PATH Station.
The development of this site will greatly contribute to economic growth on Staten Island, as outlined in comprehensive planning efforts such as the Waterfront Vision and Enhancement Strategy (WAVES). Launched in March 2011, WAVES is a citywide initiative launched by Mayor Bloomberg which will create a new sustainable blueprint for the City’s more than 500 miles of shoreline. WAVES has two core components: Vision 2020: The New York City Comprehensive Waterfront Plan, which will establish long-term goals for the next decade and beyond, and the New York City Waterfront Action Agenda, which will set forth priority initiatives to be implemented within three years. Together, the initiatives will provide a blueprint for the City’s waterfront and waterways, and focus on the following categories: open space and recreation, the working waterfront, housing and economic development, natural habitats, climate change adaptation and waterborne transportation.
Ironstate Development is a privately held real estate development company based in Hoboken, New Jersey. The Company engages in the development of large-scale residential and hotel projects in the Northeast United States. The company currently owns and manages over 6000 residential units and currently has approximately $1 billion in the development pipeline.