By Ryan Hutchins on October 23, 2014
Amtrak is considering developing Sunnyside Yards in Queens as part of a nationwide evaluation of its real estate portfolio and could turn to investors as early as next spring to find partners willing to explore potential uses for those properties, the company’s chairman, Anthony Coscia, said Thursday.
Executives have been in talks with the de Blasio and Cuomo administrations about the site, Coscia told reporters at a global real estate conference at the Jacob Javits Convention Center in Manhattan. Coscia mentioned the plans during a panel discussion moderated by former deputy mayor Dan Doctoroff.
The Sunnyside Yards is one the largest undeveloped parcels in New York City and holds virtually limitless potential to developers willing to build a platform above the tracks. Planners have long dreamed about what could be built on the property, which remains an active rail yard used by several train companies.
It was unclear on Thursday exactly what Amtrak would pursue, whether it would sell or lease the development rights or how involved it would remain in any project undertaken on the site. There are additional development sites the company is discussing in Chicago, Philadelphia, Baltimore and Washington, D.C.
“We’ve completed an analysis of what we think we’re going to need for the operating business,” Coscia said after the panel at the Urban Land Institute’s fall conference. “Obviously, it doesn’t make any sense for us to sell real estate that we’re going to need to run the railroad. So, we’ve pretty much completed that and what we’re doing between now and March is trying to determine—after subtracting those needs—what sort of developable real estate sites we have that are available that we can monetize.”
Sunnyside, he said, is the perfect example of the type of site on which Amtrak believes it can make a considerable amount of money. There have been conversations about the site between Amtrak executives and Mayor Bill de Blasio, deputy mayor Alicia Glen and chief of staff Laura Santucci, Coscia said.
A spokesman for the mayor said building on the yards could fit in to the city’s ambitious affordable housing plan—which calls for construction of 80,000 affordable units over the next decade—but cautioned nothing is imminent.