Mayor Bloomberg’s plans for revitalizing Coney Island are in jeopardy as a controversial developer who owns most of the amusement district is now planning to expand his vast portfolio of boardwalk land rather than sell it to the city, The Post has learned.
With negotiations to sell his 10.5 acres of beachfront property to the city stalled, developer Joe Sitt is close to beating the city to three more acres of property the mayor covets – upping the stakes in their ongoing game of chicken over Coney Island’s future.
Kansas Fried Chicken king Horace Bullard confirmed yesterday that he’s “leaning toward” selling the former Thunderbolt rollercoaster site to Sitt for $91 million. He also said the city’s offers for the land were so low, he never took them seriously.
Purchasing Bullard’s site would expand Sitt’s boardwalk portfolio to west of Stillwell Avenue as the developer would control most of the land stretching from Keyspan Park to the Cyclone rollercoaster.
Sitt spokesman Stefan Friedman revealed the developer needs the extra space for a “massive entertainment-amusement” complex he wants to set up on the boardwalk this summer and beyond, which is a back-up plan should deal to sell to the city not be reached.
He declined to give specifics about the complex, but said it “wouldn’t be temporary” or need the zoning changes Sitt sought in his failed bid to build a $1.5 billion Vegas-style entertainment complex that included hotels and condos.
The city declined comment, but several sources said they believed Sitt buying the Thunderbolt land for an estimated $700 a square foot would boost his leverage over City Hall.
Sitt wants $200 million to $250 million for his land – about double what he paid accumulating it over the past few years. The city wants to pay well below $200 million.
Bullard bought the Thunderbolt land in 1985 as part of a plan to rebuild Steeplechase Park. But the project was rejected in the 1990s by then-Mayor Rudy Giuliani.
As the Post reported two months ago, the city is negotiating to buy Sitt’s land to save Bloomberg’s 47-acre area rezoning plan and revive the sagging amusement district. Such a sale would potentially save Astroland Park – which Sitt owns – although it would be likely relocated to another part of the boardwalk.
Sitt showed little holiday spirit Christmas Eve when he infuriated beachfront business owners by having their locks clipped and replaced – and hanging “For-Lease” signs on their storefronts. He claims most will be offered new leases, although many believe he is trying to price the longtime businesses out.