NEWS: Governors Island proposals to be trashed
From Crain’s:
http://newyorkbusiness.com/news.cms?newsId=14732
Governors Island proposals to be trashed
by Anne Michaud
September 13, 2006
Insiders say that the Governors Island Preservation and Education Corp. plans to throw out all the master-plan redevelopment bids it received.
Insiders say that the Governors Island Preservation and Education Corp. plans to throw out all the master-plan bids it received to redevelop the former military base because the costs are too high.
The city-state agency pared the 25-bidder list to 10 last month, including a proposal by cable network Nickelodeon to build a theme park and resort.
However, GIPEC officials realized that all of the projects would require substantial government subsidies, given the transportation needs and the deed requirements to retain and maintain old buildings.
The federal government gave Governors Island to the state for $1 in 2003. Restrictions prohibit casinos, power plants and residential housing.
Sources speculate that the 172-acre island will be broken into smaller projects, with GIPEC taking the role of master developer. GIPEC might begin with a 40-acre park that is one of the deed requirements.
A spokeswoman for the agency declined to comment.