On July 12, 2005, Mayor Michael Bloomberg announced that awarding F&T and partners the rights to develop Flushing Commons, located on the site of Municipal Parking Lot #1, was "The biggest thing to happen to Flushing since the arrival of the Mets."

Scheduled to break ground next year, the project will boast 330,000 square feet of high quality retail space, a Multi-Plex theatre, 200 room luxury hotel, 500 condominiums, 100,000 square feet of cultural facilities and 200 parking spaces.

Other projects on the horizon include the Future Flushing Mall, scheduled for construction between 2008 and 2011; the Waterfront Promenade; and the World Trade Center Queens, 75 acres slated to become a "city within a city" with a hotel and expo site. Currently, F&T is one of the final six bidders for this area.

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