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Monday, January 7, 2013

RIOC Real Estate Committee Meeting Tomorrow - Agenda Includes Roosevelt Island Southtown Riverwalk Ground Lease Extension, Cultural Center Space, Main Street Master Retail Sublease & Octagon Composting

The Roosevelt Island Operating Corp (RIOC) Real Estate Development Committee is meeting tomorrow. Below is the Agenda:
PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Tuesday, January 8, 2013 at 5:30 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.


Chair’s Motion for Executive Session to Review Proposed Board Resolution Regarding Ground Lease for Southtown Development

Discussion of 548 Main Street Cultural Center Space
Update on Master Retail Sublease
Discussion of the Octagon Composting Site Permit
Any Other Committee Business That May be Brought Before the Committee
An audio webcast of the Public Session portion of the meeting will be available soon thereafter.

According to Page 15 of RIOC's Approved 2013/14 Approved Budget:
...As noted in last year's budget, the development of Southtown 7, 8 & 9 will have a significant impact on the future cash flow of the Corporation.

The developer, Hudson/Related holds an option to develop the site which expires on December 31, 2012. On-going discussions with Hudsion/Related appear to be positive although development would depend on market conditions. If Hudson/Related did not go forth with development of 7,8 & 9 they would owe the Corporation a de-designation fee of Approx. $1,500,000...
Not know at this time if Hudson/Related exercised its option for the Southtown 7-9 site.

UPDATE 1/9 - During January 8 RIOC Real Estate Committee meeting, I asked whether Hudson Related exercised the option on Southtown Buildings site 7-9. The RIOC Directors and Staff declined to comment.