In an unusual move, the city has bought nearly seven acres of land in the middle of Coney Island from Thor Equities, the company that originally planned to renovate Coney Island and turn the area into a major tourist destination.
After countless battles with the people living in that area, many were fed up with the lack of progress in getting Coney Island up and running. Seeing an opportunity, the Bloomberg Administration bought 6.9 of the 10.5 acres that Thor had originally purchased and will share ownership of the area.
According to the New York Times, the city will own the part of the area where the main amusements lie whereas Thor will continue to develop hotels and shopping areas on the area that it owns.
Few other details were offered other than the fact that the city paid nearly $100 million for 6.9 acres of the 10.5 that Thor had originally purchased for $93 million.
Mayor Bloomberg expressed his hope for creating a major 27-acre amusement and tourist destination right by the beach near Stillwell Ave. According to government estimates, the renovated Coney Island is expected to bring in $14 billion over the next three decades.
This purchase is expected to end a three-plus year standoff between Thor and the City over what to do with Coney Island but a revived Coney Island is still long way away.