To quote the New York City Economic Development Corporation (NYCEDC) on Willets Point:

"The Willets Point Development District (the “District”) is located in the heart of northern Queens, adjacent to Shea Stadium, the USTA National Tennis Center, and Flushing Meadows-Corona Park.

The District is located at the intersection of several major arterial highways.  It is easily accessible to the entire New York City metropolitan area via the Long Island Rail Road and the No. 7 subway line, and is located in close proximity to both LaGuardia and JFK International Airports.

With the Willets Point project, the City seeks to establish an urban renewal area that would improve environmental conditions in the Willets Point area.  The mixed-use plan will create a new regional destination that includes new housing options, many new local jobs and an overall improvement in the quality of life for area residents."

TDC Development submitted a proposal for the redevelopment of Willets Point and was selected as a finalist by The City of New York.

Note: NYCEDC has an excellent section on Willets Point on their website.