Bubble Wrap

Back to square one for Govs Island

Crain’s New York Business reports Governors Island proposals to be trashed

Insiders say that the Governors Island Preservation and Education Corp. plans to throw out all the master-plan bids it received to redevelop the former military base because the costs are too high.

The city-state agency pared the 25-bidder list to 10 last month, including a proposal by cable network Nickelodeon to build a theme park and resort.

However, GIPEC officials realized that all of the projects would require substantial government subsidies, given the transportation needs and the deed requirements to retain and maintain old buildings.