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Cirrus, LCOR sign memorandum to push Pacific Park forward
['Ben Miller']
New York - The Real Deal
The Pacific Park development, beleaguered by more than two decades of delays, missed deadlines and foreclosure, has a path forward after Cirrus Real Estate Partners and LCOR signed a memorandum of understanding with the state Tuesday, an Empire State Development spokesperson confirmed.
Building the deck won’t be simple, but ESD has committed $175 million to the task so far, with plans to find more funding going forward.
The six buildings proposed for phase 2 will have 5,600 total units.
Kathy Hochul waived collecting a potential $5.25 million sum last year once Greenland USA threatened to sue the state.
LCOR and Cirrus spokespeople didn’t immediately respond to requests for comment.