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Deals & Dealmakers

TFC to lead massive LIC redevelopment

TF Cornerstone Inc. (TFC) has been selected to lead the development team charged with creating a new mixed-use development in Long Island City’s Anable Basin inlet.

The 1.524 million-square-foot mixed-use development will occupy a 4.5-acre site and include residential, commercial, industrial and academic spaces.

The project aims to spearhead job growth along the LIC Waterfront by bringing together and catalyzing the emerging tech, arts, light manufacturing, and creative industries and encourage the growth of new startups.

“Over the last decade, TF Cornerstone has been a leader in Long Island City’s urban renaissance, evolving from a largely industrial hub to a thriving 24/7 community,” said Jeremy Shell, principal and executive vice president at TFC.

“As an early pioneer in developing over 3,200 apartments along the Long Island City waterfront, TF Cornerstone is thrilled to be part of the next chapter in the evolution of this neighborhood.ˮ

TFC will lead a development team that includes Greenpoint Manufacturing and Design Center (GMDC), Coalition for Queens (C4Q) and BJH Advisors. They will work together to build an “inclusive innovation community, generate new business development, and link local residents with the skills and resources needed to gain quality jobs.ˮ

C4Q will assist with the commercial programming, provide software training for underserved communities, and serve as a connector to the technology community. Industrial Non-Profit Emerging Developer GMDC will provide affordable and accessible industrial space, and Emerging Developer BJH will support additional linkages to the industrial and scientific/technology based commercial sectors.

“C4Q is focused on building inclusion and equality through technology and ensuring that more New Yorkers are able to participate in the new innovation economy,” said Jukay Hsu, CEO and founder of C4Q.

“This initiative is a transformative opportunity to create a diverse, integrated, and dynamic physical environment with vibrant live and work spaces that are representative of the values and cultures of Queens and New York City. We are excited to work with the NYCEDC and TF Cornerstone to connect our local community with the tremendous opportunities created by the rapidly growing tech industry.

“One of the primary goals of this project is to support the commercial, technology, artisan and industrial businesses of Long Island City, while also balancing that work environment with market and affordable housing.” said Jake Elghanayan, principal and senior vice president at TFC.

“By providing dedicated space for skilled job training programs, the project will generate a diverse set of economic and employment opportunities for New Yorkers.”

ODA, Handel Architects and Mathews Nielsen Landscape Architects are the architects on record.

The development is slated to include one million square feet of nearly 1,000 units of residential use; 25 percent will be designated affordable housing, per the original RFP shared by the EDC last year.

About 400,000 s/f will be devoted to commercial uses and breaks down into roughly 277,500 s/f of Class A office space, 80,000 s/f of “step-up” office space for start-ups, 22,500 s/f of pre-built incubator spaces, 10,000 s/f for an Arts and Technology Accelerators, 10,000 s/f of classroom space intended for workforce development and training.

There will also be 100,000 s/f of light industrial space, an 80,000 s/f public school, 25,000 s/f performing arts training facility, 19,000 s/f of retail space and a one-acre park, serving as one of LIC’s largest public recreational spaces.

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