Earlier this week, NY1 reported the excellent news that the City plans to develop the former Childs Restaurant building on the Boardwalk and an adjacent lot into an entertainment complex. It will be the new home of Borough President Marty Markowitz’s popular Seaside Summer Concerts. First we felt surprise, since the building was not on the market, and then a mixture of elation and relief.
It’s been sad to see Coney Island’s terracotta palace by the sea boarded up for the past few years after being enlivened by the Mermaid Parade Ball and Lola Star’s Dreamland Roller Rink. Yet it’s hard to pass by without taking photos of its ornamental ships, seashells, fish and King Neptunes. When a tourist recently tweeted a photo describing the Childs as “the ruins,” we didn’t have the heart to respond. The 1923 Spanish Colonial Revival style building was designated a City landmark in 2003.
Luckily, the City has the funds to bring the building back to life since the Borough President will be able to use $50 million already set aside for a $64 million amphitheater in Seaside Park that was halted by a lawsuit. This is great news because if the money wasn’t spent by the time his third term ends in December 2013, it would go back into the public coffers and be lost to Coney Island.
Taconic Investment Partners, which owns approximately four blocks west and north of MCU Park, also holds a 99-year lease on the Childs building. The NY1 report didn’t say whether the City would acquire the lease from the development company or buy the building from the owner. Back in 2007, Brooklyn’s blogfather Bob Guskind described Taconic as “Coney Island’s Sleeper Megadeveloper” and it’s still an apt description. The developer began buying property in 2005 but has yet to develop anything in Coney Island.
“Taconic is in the process of evaluating the economics of a planned development for some or all of our holdings,” according to a web page about their “Coney Island, North and South Ventures.” That’s been the message for the longest time, probably because the economy and inadequate infrastructure put a dent in their plans. The 2009 rezoning allows Taconic to build nearly 2,000 residential units and more than 200,000 square feet of retail west and north of MCU. A restaurant and catering hall were part of the original plans for the Childs building. Dreamland Roller Rink operated rent-free for two years until 2010, when the high cost of insurance caused Taconic to shutter the space.
According to NY1, the lot west of the building will also be developed as part of the entertainment complex. The City-owned lot is the community garden pictured below. Right now it’s filled with tomatoes and sunflowers. Taconic owns the land east of the building, the former Washington Baths site. Thor Equities bought the vacant lot from Horace Bullard for $13 million and then flipped it to Taconic for an exorbitant $90 million because both parties were sure the City would rezone it for residential.
The Washington Baths site has been the temporary home of the Seaside Concert Series for the past two summers and for the Ringling Circus in 2009 and 2010. During the rest of the year, it is used as a school bus parking lot.
Related posts on ATZ…
January 24, 2013: Occupy Sandy’s New Warehouse in Coney Island Landmark
May 29, 2012: Photo Album: Coney Island Lights & Signs of the Times
February 17, 2011: New Construction: Coney Island’s 1st Private Beachfront Condos on Boardwalk