Housing Boom in LIC Will Drive Needed Retail Development, Insiders Say
LONG ISLAND CITY — The boom in residential housing that's underway in Long Island City will eventually draw more retail to the developing neighborhood, a group of industry insiders predicted last week.
Local business advocacy group LIC Partnership held its annual real estate panel Thursday, where much of the discussion was focused on when the area would get more retail amenities to keep up with the influx of new housing, according to senior vice president Dan Miner.
Hunters Point and Court Square are set to get thousands of new apartment units in the next few years, though the neighborhoods are still somewhat sparse when it comes to retail amenities like supermarkets, drug stores and other shops.
Miner said the panel of industry experts — made up of realtors, developers and consultants — predict that more retailers will soon seek out Long Island City in the coming months and years as its current residential growth makes it a more profitable market for commercial tenants.
"Large chains or individual businesses, they'll look at the number of people there," Miner said. "[And] there are a lot more residences planned for the area."
Some developers are already eyeing the area for retail growth, including Rockrose Development Corp., which is looking to bring new commercial tenants along one mostly-vacant stretch of Jackson Avenue.
The group is also planning a 15,000-square-foot supermarket for 43-10 Crescent St., in the first floor of one of its planned high-rise residential buildings.