2017 Year in Review: Hope Knight, Greater Jamaica Development Corp.

Name & Title: Hope Knight, president & CEO

Company Name: Greater Jamaica Development Corporation 

Address: 90-04 161st St., Jamaica, NY 11432

What was your most notable project, deal, transaction or professional achievement in 2017?

As part of a highly competitive, statewide competition - known as the Downtown Revitalization Initiative – GJDC helped create a winning application securing $10 million of state investments for Downtown Jamaica. In July 2017, lieutenant governor Kathy Hochul visited Jamaica (the only winning district from NYC) to announce funding for several transformative initiatives – including the creation of a first-of-its-kind co-working space, a big boon for the local startup and office market.  Additionally, investments will include increased broadband, upgraded pedestrian plazas and infrastructure, and a restaurant startup fund to activate the nighttime economy. 

What was the best decision you made in 2017 and why?

We pride ourselves on understanding, better than anyone, Jamaica’s real estate market. Recognizing the unmet demand for local, mixed-income housing, we decided to sell one of our parking lots to a developer who could meet the demand. After a highly selective process, in 2017 we selected a joint venture between BRP Companies/Wharton Properties to develop a 500,000 s/f project that will bring 300 mixed-income residential units and at least 70,000 s/f of retail space to the east end of Downtown Jamaica. While substantial development has occurred around AirTrain, this project will spread revitalization to the entire Downtown.

Who or what contributed to your success in 2017 and why?

Every day, we work to develop and execute strategies - from concept to concrete - that leverage public investment to spark additional private investment in Jamaica Queens In 2017 we witnessed the powerful convergence of public and private investment and the results are transformative. The Jamaica Now program, a joint effort of the Queens borough president and the mayor is responsible for $150 million in support for a lively, attractive central business district. The NY State Downtown Revitalization Initiative is directing $10 million to programs which enhance a wide range of downtown amenities. At the same time, private investment now tops $1 billion.

What trends will impact your business in 2018?

Investment begets more investment. With the recent infusion of $10 million from the state, $150 million from the city, and private investment now topping $1 billion, in 2018, downtown Jamaica will benefit from increased density of people, businesses, hotels, and residential developments. There are several major private projects–from Starbucks, BRP Companies, Artimus, Wharton Properties, Marriott and Hilton, to name just a few–that are already completed, in construction, and/or in the pipeline. As cranes continue to go up, and word continues to spread about what’s happening in this previously overlooked central business district, we expect that the momentum will amplify.