Coney Island North and South Venture
In September 2003 the City of New York formed the Coney Island Development Corporation to oversee master planning and redevelopment of Coney Island. Recognizing the investment potential in this initiative, we acquired two significant parcels along Surf Avenue in Coney Island: Coney Island North Venture and Coney Island South Venture. Located on the north side of Surf Avenue one block from the beach, the North Venture comprises three city blocks totaling nearly 109,000 square feet and includes vacant and under-improved land. On the south side of Surf Avenue, Coney Island South Venture encompasses 5.5 acres interspersed over four blocks along the beachfront, and also contains vacant and under-improved land totaling nearly 240,000 square feet. Most of the south parcels are owned outright and one is controlled through a long-term leasehold.
Since 2006, we have been working on a plan to revitalize these areas in conjunction with the Economic Development Corporation, the Department of City Planning, and other government agencies to rezone the parcels to permit residential and retail uses as well as parking. In 2009, the New York City Council adopted City Planning’s Comprehensive Zoning Plan for Coney Island, which significantly increased our buildable floor areas for mixed-use residential and retail projects to between 1.8 million and 2.4 million square feet, with the potential to create nearly 2,000 residential units and more than 200,000 square feet of retail space.