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By MICHAEL R. BLOOMBERG

THE city has signed a contract with Thor Equities to acquire 6.9-acres in Coney Island for $95.6 million, which will allow the city to expand, enhance and make permanent Coney Island’s historic amusement district.

 

 

 

With the acquisition of three waterfront parcels, the city will create a 12.5-acre outdoor amusement park within a new 27-acre amusement and entertainment district.

Approved by the City Council in July, the plan will preserve and grow the historic amusement area; create a vibrant mixed-use neighborhood with new retail options and nearly 5,000 new units of housing, including 900 income-targeted units through the city’s first use of the Inclusionary Zoning Program in South Brooklyn; and generate more than 25,000 construction jobs and 6,000 permanent jobs.
 

In total, the plan is expected to generate more than $14 billion in economic activity for New York City over 30 years.

The city’s acquisition of the land in Coney Island’s historic amusement district marks the beginning of a new era in Coney Island’s history.

Over the last four decades, the amusement district has dwindled to just three acres, but we’re now reversing that trend.

With public and private investment, Coney Island will see the creation of a new 12.5-acre outdoor amusement park within a vibrant 27-acre entertainment district.

Like New York City’s other great parks, Coney Island’s amusement park will be owned by the public, and its future will be in the hands of New Yorkers who have cherished it for generations.

What’s more, the announcement means that we can move full-steam ahead with our plan to revitalize Coney Island not only as America’s greatest seaside amusement park but also as a vibrant community with thousands of new apartments and jobs.

The Coney Island Comprehensive Plan is part of the Bloomberg Administration’s Five Borough Economic Opportunity Plan, a comprehensive strategy to create jobs for New Yorkers today, implement a long-term vision for growing the city’s economy, and build affordable, attractive neighborhoods in every borough.

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