Silverstein Properties Out, BedRock Real Estate Partners Moves Forward With Planned Smaller Development in Queens
After the $2B megaproject known as Innovation QNS fell through, a controversial rezoning in Queens is still expected to result in smaller developments, with BedRock Real Estate Partners taking over one of the two Long Island City sites.
The highly anticipated megaproject known as Innovation QNS has officially been declared dead, but that doesn't mean the controversial rezoning that allowed it will go to waste. While the five-site, 3,200-unit project may not be happening, sources say a smaller development is still in the works.
After the November 2022 rezoning was approved by the City Council, the team of developers behind Innovation QNS has broken up. Silverstein Properties, one of the development partners, is out of the project entirely. However, BedRock Real Estate Partners, another member of the trio, is still moving forward with plans for one of the two Long Island City sites it controls.
BedRock has formed a joint venture with a subsidiary of L+M Development Partners, and they plan to move ahead with a smaller development on the site. This partnership was formed last summer, and it seems to be the only development that will come out of the controversial rezoning.
According to sources, the decision to move forward with a smaller development was influenced by the breakup of the original development team and the uncertainty surrounding the rezoning. The smaller project is expected to have fewer units than Innovation QNS, but it is still expected to bring significant changes to the neighborhood.
While many are disappointed that the highly anticipated Innovation QNS will not be happening, others are relieved that the controversial rezoning will not result in a massive development. Only time will tell what this smaller development will bring to Queens.