Located just off the tip of Manhattan, Governor's Island is a former military base that now represents one of the largest pieces of undeveloped real estate in the New York area. Having languished under joint control of the City and the State, Mayor Michael Bloomberg just secured a deal to take over management of the island and begin an ambitious redevelopment plan including a major new public park.
A redevelopment plan is in the works and officials believe the final tally will approach $200 million. Bloomberg will appoint the majority of a new Governors Island Operating Entity to manage the process, while the National Parks Service will continue to manage an existing national monument.
The New York Times website has posted a forum where people can contribute their own ideas for the Island.