Developer Chris Jiashu Xu is under contract to purchase a 3.7-acre development site in Flushing for $100 million. The vacant tract of land at Janet Place offers as-of-right 870,000 buildable square feet. The site is located on the waterfront of the Flushing River. The city had approved the architectural and construction plans for a five-tower, mixed-use development designed by architect Ismael Leyva for the site. Under those plans the scheme called for a complex called River Park Place spanning 757,000 sqf which included 450 apartments across 395,000 sqf, 313,000 sqf of commercial space (hotel and retail), a 7,500 sqf community space and 1,000 parking spaces. The residential component could be used as either condos or rental units. The seller, an investment group led by ABS Management & Development and Babad Management bought the site in 2006 for $26 million.
