For immediate release:
Wednesday, March 30, 2005

Contact:
Yvette DeBow, GIPEC, 212.440-2205


GOVERNOR PATAKI, MAYOR BLOOMBERG ANNOUNCE REQUEST FOR EXPRESSIONS OF INTEREST FOR GOVERNORS ISLAND
Seeking ‘World’s Greatest Ideas’ for 172-Acre Island in New York Harbor

Governor George E. Pataki, Mayor Michael R. Bloomberg and Governors Island Preservation & Education Corporation (GIPEC) Chairman Randy A. Daniels announced that a Request for Expressions of Interest (RFEI) has been issued to seek the world’s greatest ideas and most accomplished parties to participate in the development of Governors Island, the historic 172-acre island in New York Harbor. The RFEI solicits bold ideas from around the world that embrace the unique opportunities on the Island while supporting the goal of creating a world-class destination with excellence in design and environmental sustainability.

“Governors Island is a remarkable gift that the City and State of New York received from the Federal government, and presents a once-in-a-generation opportunity for all of us to create a world-class destination for residents and visitors from around the world to explore and enjoy,” said Governor Pataki. “Governors Island is at the center of the greatest city in the world.”

“Governors Island offers a unique opportunity to create something truly special that will make an enormous contribution to New York City’s cultural, recreational and educational life,” said Mayor Bloomberg. “We want to attract the world’s greatest minds and most ambitious ideas to help guide the development process as we build on the inherently unique characteristics of this wonderful island at the tip of Lower Manhattan.”

Governors Island, just minutes away from Lower Manhattan by ferry, offers outstanding development opportunities for a broad range of uses, such as hospitality, education, culture, conferencing and maritime uses. The RFEI was issued to developers, investors, and a range of potential tenants, such as education and non-profit organizations. Responses to the RFEI must be submitted by May 16, 2005. Deadline extended to June 20, 2005.

GIPEC, which owns and operates most of Governors Island, will review responses, meet with select respondents and use information and suggestions gathered to help craft Requests for Proposals (RFPs) for development. GIPEC plans to issue the first development RFPs in late 2005 and designate development teams shortly thereafter.

“Governors Island is an extraordinary real estate opportunity that offers untold possibility for a visionary investor, institution, developer or patron,” said Secretary Daniels. “This is the best next step for us to take in order to achieve the high aspirations for the Island as New York’s next great place.”

RFEI respondents may submit ideas and interest for a single building or piece of land, the whole island or anything in between. The Island can be viewed as two distinct districts: the 92-acre National Historic Landmark District on the northern end of the island closest to Manhattan; and the 80-acre southern portion, which has no landmark structures, can accommodate a wide range of development and is the closest place in New York City to the Statue of Liberty. No permanent residential housing or gaming is allowed on the Island. Currently, there are no permanent residences or businesses on the Island.

“It is imperative to take advantage of this unprecedented opportunity to gather as many innovative and exciting ideas as possible to help shape Governors Island’s promising future,” said Deputy Mayor of Economic Development and Rebuilding Daniel L. Doctoroff, who is also GIPEC’s Vice Chairman. “Governors Island is ripe with potential so we encourage individuals and organizations to submit their best ideas.”

GIPEC is working closely with the National Parks Service, which owns and administers 22 acres of the Island designated as the Governors Island National Monument. All development must be implemented to respect the federal monument district. Other development requirements include the creation and maintenance of a continuous public path along the 2.2 mile waterfront perimeter and an historic 40-acre public park, as well as conforming to needs and uses of historic buildings and parks.

“While Governors Island is highly accessible from Manhattan and surrounding areas, its natural assets offers privacy and a unique perspective for a variety of development possibilities,” said Charles A. Gargano, chairman, Empire State Development Corporation. “The island not only provides panoramic views of the harbor and Lower Manhattan, but also a rich and fully preserved history and three centuries of architecture. It is ideally suited for business use as well as recreational pursuits and could become the Central Park of New York Harbor.”

GIPEC has engaged the international commercial real estate services firm Jones Lang LaSalle as a strategic consultant to market development opportunities for Governors Island in the United States as well as overseas.

GIPEC anticipates securing necessary regulatory approvals for the Island’s redevelopment in 2006, with the first development designations possible that year. The Governors Island detailed RFEI is available by contacting GIPEC at 212.440.2202 or through the Governors Island website, www.govisland.com/rfei.asp. Additional information regarding pre-submission conferences, Island tours, and registration information can also be found on the website.

About Governors Island Preservation and Education Corporation (GIPEC)

The Governors Island Preservation and Education Corporation is responsible for the planning, redevelopment and ongoing operations for 150 acres of Governors Island. The National Park Service administers the remaining 22 acres of the island designated last year as the Governors Island National Monument. A subsidiary of the Empire State Development Corporation, GIPEC is overseen by a Board of Directors appointed equally by the Governor and Mayor of New York. For more information please visit www.govisland.com.