Operators of Coney Island’s Luna Park will lead retail transformation of the Stillwell Avenue Terminal Complex
Image via Wiki Commons
Since taking over operations of Luna Park in 2010, Central Amuseument International (CAI) has had a big hand in the transformation of the neighborhood, and that will continue to increase. Following a Request for Proposals (RFP) last June, the MTA has just announced that CAI Foods—a subsidiary of CAI—will lead a retail conversion of Coney Island’s iconic Stillwell Avenue Terminal Complex. CAI will take over nine of the 11 retail units in the Complex, turning the largest into “Rcade,” an arcade with a restaurant, bar, and coffee shop that will be open year-round. The remaining units will be subleased on a seasonal basis.
“This is a great opportunity for our customers and those who live in and visit the neighborhood. Everybody wins,” said MTA Chief Development Officer Janno Lieber in a statement. “We reap the benefits that come from working with a single tenant capable of upgrading the retail environment and we will work to revitalize a New York Icon. It’s yet another example of the MTA’s new retail strategy in action and we’re excited to move forward with the project.”
The MTA Real Estate Department leases retail spaces throughout its service area. Last year’s RFP sought a single tenant to transform the majority of the units at Stillwell Avenue. They looked for innovative, high-quality food offerings, architectural proposals that reflect the Coney Island community, and retail concepts that would highlight merchandise from Coney Island and surrounding Brooklyn neighborhoods. CAI stood out for “their familiarity with the Coney Island neighborhood, their demonstrated success in the amusements and food service space, and their proposed creative use of the space,” according to David Florio, director of real estate transactions and operations for the MTA.
“Central Amusement International Inc. believes strongly in the development of our community and feels privileged to be a part of this amazing installment,” said Alessandro Zamperla, president of CAI in a statement. “This year-round operation will be a welcomed addition to our current locations and will add to the revitalization and growth of Coney Island.”
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