Brookfield eyes $400M mixed-use project in Manhasset

Brookfield Properties plans to spend $400 million to redevelop 16 acres of a 28-acre site in Manhasset into a mixed-use project featuring housing, office space, retail and a hotel that it will call Manhasset Square, Long Island Business News reported. Currently, the property holds a 332,000-square-foot Macy’s department store and a large parking lot. Macy’s will continue to run its store and retain ownership of the the land immediately around it, but Brookfield plans to purchase the rest. Brookfield proposed the project in May and will soon make a formal pitch to the Town of North Hempstead. When built, Manhasset Square will have 355 rental apartments, 72,000 square feet of office space, 73,400 square feet of retail, a 200-room hotel and 2,271 parking spaces. Most of the apartments will be one-bedrooms, although Brookfield told Newsday last week that two- and three-bedrooms will likely also be built. Some elected officials are concerned that the proposed development will bring heavy traffic and congestion to an otherwise quiet residential area. Brookfield is still in the process of getting the proper approvals. Construction on Manhasset Square is expected to begin in 2021, with completion likely two years later, according to news reports. [LIBN]