Stapleton Waterfront

Jonathan Rose Companies (JRCo) led a team that included Dattner Architects and FXFOWLE to address critical redevelopment questions presented by the NYC Economic Development Corporation (EDC). The objective for the EDC was to maximize the residual land value to pay for waterfront open space and public infrastructure, while creating an attractive, livable, exciting waterfront community. The study also generated parameters for analyzing and negotiating developer responses to a Request for Proposals the city intended to release.

The 35-acre parcel is a decommissioned Navy base located on the waterfront of Staten Island. The first development phase includes 900 units of residential housing, 30,000 SF of ground oor retail, 600 parking spaces, and a public plaza, with a $33 million infrastructure investment by the City to build roads and a publically accessible waterfront open space. The site is transit rich with access to a rail line to the NYC ferry with direct service to downtown Manhattan, and regional highways leading to NewYork and New Jersey.

A number of constraints were imposed on the development analysis, including the restrictions of waterfront development with flood zone requirements, uncertain market and economic dynamics, and limited financial capacity for the city to fund improvements beyond what the site development program and nancing could generate, and an aggressive timeline to move the project forward.

The JRCo team created three scenarios based on the site zoning, while considering urban design strategies to attract the market. Using financial real estate models, JRCo analyzed various uses and waterfront programming to create an attractive waterfront based on comparable developments in the region, as well as our own real estate experience in finance, development, and investment. The team also provided EDC with options that considered uses on the site that reduced potential operating income, but provided for civic amenities or achieved other public policy objectives. An executive summary presentation was created for key decision makers at EDC and the mayor's office.