Roller Coasters No More, Coney Island Tug of War

By Nichole Altmix

A major player has pulled ahead in the race to redevelop Coney Island as New York City Mayor Michael Bloomberg announced a sweeping plan to revamp the storied but crumbling beachfront attraction.

Bloomberg’s November 8 call to “create a better future” for Coney Island focused on 19 blocks of the region—located on the southern tip of Brooklyn—and will create three new areas: Coney North, Coney West and Coney East. The plan also will add as many as 5,000 new housing units and approximately 500,000-sq-ft of retail space. Within the next 10 years, Bloomberg anticipates the redevelopment will lead to $2.5 billion in private investment while creating at least 3,000 permanent jobs and 20,000 construction jobs over the next three decades.

The mayor, with just over two years left in office, hopes to makes some headway before his term ends. “We really intend to follow through [with the Coney Island project] and do the hard work that will make this vision a reality,” he said.

To bring the mayor’s plan to fruition, city officials say they must acquire the 10 acres owned by Manhattan-based developer, Thor Equities, which has had plans of its own for Coney Island. Joe Sitt, founder of Thor Equities, purchased the land for $100 million in 2002 and has since been planning a $2 billion revitalization for the area.

 “We’re disappointed by the Mayor’s presentation, but are optimistic that a deal can be reached between the city, the landowners and the community to make Coney Island an even greater place to live and visit,” said Sitt.

Although Sitt declined to comment on whether he will sell, hold or compromise on the 10 acres, his firm is committed to seeing a revitalized community and the land will be part of the negotiation process.

“We will continue to work with the Bloomberg Administration, [New York City] Councilman [Domenic] Recchia, Speaker [Christine C.] Quinn, our Albany representatives and local leaders to do what’s best for the people of Coney,” said Sitt.
 
One main difference in the two plans is the balance of the amusement portion to housing and retail. Although Thor’s plan also calls for the park’s rehabilitation, it is smaller and focuses more on entertainment and a grand hotel with Atlantic City-like sparkle. He has said he plans to include megaplexes, an indoor water park, restaurants and retail. Another difference is Bloomberg’s inclusion of affordable housing versus Thor’s focus on luxury residences, which Amanda Burden, chair of City Planning deemed inappropriate for the area in February 2007.

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