Economy
Economic development was long neglected. In the 1960s and 1970s, many big box retailers moved to suburban areas where business was more profitable. Departing retailers included brand name stores and movie theaters that once thrived in Jamaica's busiest areas. Macy's and the Valencia theater were the last companies to move out in 1969. The 1980s crack epidemic created even more hardship and crime. Prime real estate spaces were filled by hair salons and 99 cents stores. Furthermore, existing zoning patterns and inadequate infrastructure did not anticipate future development.
Since then, the decrease of the crime rate has encouraged entrepreneurs who plan to invest in the area. The Greater Jamaica Development Corporation (GJDC), the local Business improvement district, acquired valuable real estate for sale to national chains in order to expand neighborhood commerce. As well they have completed underway proposals by allocating funds and providing loans to potential investors who have already established something in the area. One Jamaica Center is a mixed-use commercial complex that was built in 2002 by The Mattone Group housing Old Navy, Bally Total Fitness, Walgreens, Subway (restaurant), Dunkin' Donuts, a 15-screen multiplex theater and for awhile a Gap. Banking has also made a strong revival as Bank of America, Sterling National Bank, Chase Bank, and Carver Federal Savings Bank have each created at least one branch along various major streets: Jamaica Avenue, Parsons Boulevard, Merrick Boulevard, and Sutphin Boulevard. A $75 million deal between the developers, The Mattone Group and Ceruzzi Enterprises, and Home Depot cleared the way for a new location at 168th St. and Archer Ave. All approvals were obtained within three months of the application dates.
The most prominent piece of development has been the creation of the Sutphin Boulevard transit hub aka "Jamaica Station" which was fully completed in 2003. It includes the Sutphin Blvd. E, J, and Z subway subway station, LIRR, and the Airtrain JFK which provides a 5-7 minute direct ride from Jamaica to John F. Kennedy International Airport. The Airtrain station remains the central figure for ongoing economic progress. With the growing number of riders each day passing through this station, the city is providing some major changes to the surrounding blocks of this massive hub of transport.
Currently Jamaica has great potential to be a premier business center in New York City following the examples of major redevelopment occurring in Long Island City, Flushing, and Downtown Brooklyn. In 2005, the New York City Department of City Planning drafted a plan that would rezone 368 blocks of Jamaica in order to stimulate new development, relieve traffic congestion, and shift upscale amenities away from low-density residential neighborhoods. The plan includes up-zoning the immediate areas around Jamaica Station to accommodate passengers traveling through the area. To improve infrastructure the New York City Department of Parks & Recreation has agreed to create more greenery and open spaces to allow pedestrians to enjoy the scenery. At the same time, the city has reserved the right to protect the suburban/residential charm of neighboring areas. Several blocks will be down-zoned to keep up with the existing neighborhood character. On September 10, 2007 the City Council overwhelmingly approved the plan. Structures of up to 28 stories can be built around the main transit hub as well as residential buildings of up to 7 stories can be built on Hillside Ave.
Several projects are in progress. The New York City Economic Development Corporation has issued an RFP for redevelopment of a 45,000 sq ft (4,200 m2). abandoned garage located at 168th St. and 93rd Ave. Plans are underway to convert this space into retail and parking spots. "TechnoMart Queens" has been the first ever declared approved project. Located at Sutphin Blvd. and 94th Ave., Korean Based Prime Construction Corp., Greater Jamaica Development Corporation, and several other partners have signed a deal to create a 13-story Mega-mall. 9 floors will be dedicated towards wholesale electronics, 3 floors to retail space for shopping, and it is estimated to contain parking for up to 800 cars. Groundbreaking on this site will initiate in late 2008 and is slated for completion by mid-2011. The GJDC has announced in their newsletter that another site adjacent to the mall will be converted into a hotel for Airtrain passengers. Official groundbreaking information has not been released nor declared yet its completion is set for 2010.
Grupo TACA operates a Jamaica-area TACA Satellite at 149-16 Jamaica Avenue.
Read more about this topic: Jamaica, Queens
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)