City Releases Coney Plan V.3.1 with Major Revisions

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There have been rumblings for weeks that things would be changing as the city tried to pull together a deal to get its big Coney Island development plan moving. Today, we know what's happened so far. The Times reports that the city will shrink the amount of land it wants for an amusement park from 15 to 9 acres. In practical terms, the change from Coney V.3.0 puts several properties owned by developer Joe Sitt back in play for development by Thor Equities as well as other parcels that owners might have balked at selling. (Followers of the Coney saga might recall that Mr. Sitt was dismissed as a "shopping center developer" when the city said it would buy his land in the amusement district.) That land can be redeveloped by the owners as long as the plans are within the new zoning framework that will be created. It's unknown if the city has shifted. Most of the land would be zoned for entertainment uses that include retail, restaurants and clubs. Hotels could also be developed on some blocks. Thor's real estate lawyer said he's "guardedly optimistic" about the compromise. No react yet from other players.

· City's Coney Island Design Revised to Break Deadlock [NYT]
· Coney Details: Amusements in the Middle, Tall on the Edges [Curbed]

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