New York Mayor Bill de Blasio says he will not sell the land on Ocean Avenue in the heart of the city for $1.1 billion and instead is focusing on developing the citywide waterfront.
De Blasio’s decision comes as he is trying to attract more private investment and has vowed to build a new citywide transportation hub on the beachfront, which has been a major draw for business and residents.
The property, which is owned by the city, was the site of an auction last month, which was later halted when bidding from developers went up too much.
The city is still negotiating with developers to buy the land, but the property’s value will likely increase once the city starts negotiating with them.
DeBlasio also said that while he will sell Ocean Avenue for $25 million, he wants to keep it open for business, noting that it is a popular beachfront spot and it is worth a lot to people who live here.
DeLasio said he hopes to build on the waterfront with an outdoor plaza, which he said could have a lot of value for the city.
He said he is also working on creating an economic development office, and the city will be looking for new places to put that office, along with a hotel and retail.
He did not mention what that office would look like.