In September 2003 the City of New York formed the Coney Island Development Corporation to oversee the master planning and redevelopment of Coney Island. Recognizing the investment potential in this initiative, Taconic acquired three significant parcels on the north side of Surf Avenue one block from the beach. The sites comprise three city blocks totaling nearly 109,000 square feet of vacant and under-improved land.
Taconic worked on a plan to revitalize these areas in conjunction with the NYC Economic Development Corporation, the Department of City Planning and other government agencies to rezone the parcels to permit residential and retail uses as well as parking. In 2009, the New York City Council adopted City Planning’s Comprehensive Zoning Plan for Coney Island, which significantly increased the potential buildable floor area for mixed-use residential and retail projects. In total, the sites will allow for the creation of more than 1,000 residential units.