Although several large development projects in downtown Flushing are scheduled to begin this year, one is on target for completion in 2014.
One Fulton Square, a $125 million mixed-use undertaking, includes a hotel, three floors of retail space, offices and condominiums. The two buildings and courtyard plaza are under construction on Prince Street and Roosevelt and 39th avenues.
It is expected to be completed in the second quarter of the year.
F & T Group, a Flushing-based developer, which is scheduled to start its Flushing Commons project at Municipal Parking Lot 1 this year, broke ground on One Fulton Square in 2011.
The project includes two main towers. One is a nine-story Hyatt Place hotel with 168 rooms and shops, and the other is a 12-story building that will have 43 furnished condos, shops and underground parking for more than 300 cars.
It is being built on the site of a former parking lot that was owned by the developer.
The hotel is being built on top of three floors of indoor and outdoor retail space. Called “a high-end hotel,” the Hyatt will feature a roof-top garden and an indoor swimming pool on the top floor.
The condo building will also feature 22 medical and professional offices and valet parking for 300 vehicles.
The developers say the plaza will provide a public space for area events and gatherings including concerts, family programs and cultural festivals.
According to The Real Deal, which provides real estate news of the city, 41 of the 43 condos are already sold. The Real Deal attributes the success to “an influx of Chinese buyers ... who have buoyed the healthy sales.”
Closings are expected to begin in the late spring.