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They expect regional shoppers -- including many on weekends from the East Side of Manhattan --to be drawn to Northern Boulevard, and from there to neighborhood shops and ethnic restaurants on Steinway Street. As for Forest City Ratner, it has emerged as the only commercial developer operating outside Manhattan that is currently showing the interest and capacity to take on a lengthy and uncertain pre-construction development process. Its competitors are the major users -- Home Depot or Costco as examples -- that seek out and develop large sites for themselves.
The large users have one advantage: they don't have to make an investment profit on the real estate. Users do take risks, however. The cost of carrying it unused has increased its investment.
Whether it will recoup that investment in a sale is unclear. O UR problem is not in finding tenants -- we can lease everything we can build,'' Mr. Ratner said. We are not so much retail developers as we are site finders and entitlers.
According to Sandeep Mathrani, director of retail development for Forest City Ratner, there are no more than 20 locations on main streets in Queens, Brooklyn, the Bronx and Staten Island that are appropriate for major retail development, irrespective of how they are zoned. Forest City itself is ''working'' on 17 sites -- sites it does not own but could purchase if there were reason to believe they could be rezoned.
Only five sites that are already zoned for commercial use are appropriate for a modern shopping center of , square feet or more, Mr.
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Mathrani said. In Maspeth, Queens, it is building a ,square-foot neighborhood shopping center on Grand Avenue, anchored by a 52,square-foot Edwards supermarket.
And in the New Springville section of Staten Island, near the Staten Island Mall, it is in contract to build a 77,square-foot center anchored by Circuit City, an electronics chain based in Richmond, Va. The big-box tenants usually have to be willing to accept ratios of parking space to operating space far smaller than they are accustomed to on suburban sites.