$12m parking project creates 100 new construction jobs

$12m parking project creates 100 new construction jobs – Washington Heights Parking LLC to develop a parking facility in New York City

The city broke ground recently on a $12 million multi-level parking garage at 4320 Broadway between 184th and 185th streets, creating 100 construction jobs.

Washington Heights Parking LLC was chosen to acquire and develop a 108,000-s/f parking facility with approximately 30,000 s/f of ground floor retail including a Staples and a bank. The project is a result of a Request for Proposals issued by New York City Economic Development Corporation to develop critically needed additional parking in the area. The City-owned site had been operated as a parking lot for ten years with capacity of about 100 cars. The $12 million development will more than triple the number of parking spaces to alleviate what had become a serious problem to residents and local businesses. In addition, the project will create about 50 permanent jobs. Council member Miguel Martinez, Jose Espinal of Washington Heights Parking LLC, and George Sanchez of the Washington Heights Business Improvement District joined the mayor on site for the groundbreaking.

“Our administration’s economic development policy is creating jobs across all five boroughs, and this new parking garage and retail development is another terrific example,” said Mayor Michael Bloomberg. “This $12 million project will help businesses in Washington Heights to grow, as the site is strategically located near the 181st Street commercial corridor, the George Washington Bridge Port Authority Station and Columbia Presbyterian Medical Center. I am pleased that the City is able to work with a developer, Jose Espinal, who lived in the area for many years and also has an office in Washington Heights. We’re making all our communities including Washington Heights, more livable, more business-friendly, and more economically diverse.”

Washington Heights Parking LLC is owned by Jose Espinal, who is also president of ET Management & Realty Corp., a real estate development company that has been in operation in Washington Heights for over 10 years. The architect for the project is Feder & Stia and the construction manager is J & B Construction. Universal Parking Group Ltd will operate the parking garage, and the facility will contain spaces for about 325 cars at short-term, overnight and monthly parking rates.

“New York City’s continuing recovery from the recent financial hardships will require that all parts of the City experience economic boosts,” said Manhattan Borough President C. Virginia Fields. “That’s why I am pleased that the Washington Heights community will reap the many benefits of having this new, multi-level parking garage and its accompanying business establishments there. This is a win-win situation on all levels, most especially community residents and businesses.”

ET Management & Realty Corp. has rehabilitated and manages more than 30 buildings in Upper Manhattan and the Bronx. The Department of Housing Preservation and Development (HPD) have also selected the firm for its Neighborhood Entrepreneurs Program. In conjunction with HPD, ET Management will also rehabilitate and manage eight additional City-owned residential buildings in Upper Manhattan.

In keeping with the administration’s commitment to improve neighborhoods in all five boroughs, EDC and a number of other city-agencies sponsored a public planning workshop to solicit ideas about how development of the nearby Sherman Creek area should proceed. Real estate professionals, planners, local residents, elected officials and business leaders attended the workshop. Sherman Creek is an underdeveloped area in the Washington Heights/Inwood section of upper Manhattan.

The full-day workshop, like others that have been held in other neighborhoods, was intended to help the area realize its potential as a vibrant waterfront community, with a mix of residential and commercial development, including new recreational uses.

COPYRIGHT 2004 Hagedorn Publication

COPYRIGHT 2004 Gale Group