RIOC is an acronym for the real estate company, Roosevelt Island Operating Corp. Three decades ago, before RIOC was created, this area went through a period of economic decline. The economy stabilized when the public sector established a public authority to purchase and manage publicly owned land on Roosevelt Island with the objective of promoting private development in a sustainable manner to benefit local residents and businesses.
In 2021 RIOC hired Shelton Haynes as its CEO and General Manager, and he immediately shifted the company’s focus to building more housing and community amenities on Roosevelt Island.
The biggest change under Haynes has been a renewed effort to develop a complete master plan for the entire island and the establishment of a workable system for dealing with development, traffic and other issues. Haynes brings with him a strong emphasis on development at all levels, from individual projects to major infrastructure improvements. This philosophy will reshape the island, whereas in the past development has been focused on just one sector of the island.
Haynes’ initiatives are already bearing fruit. Along with changing the way economic activity occurs on Roosevelt Island Operating Corporation, they are also changing how people experience it. Traffic is being diverted off the roads that once caused gridlock and long commutes, and a system of outdoor seating has been created for pedestrians near the new paths that have been added to tie parks and historic sites together more effectively.
The island’s housing stock is being renewed as projects like the recently completed TRF/ Rhinelander Apartments, which comprises 220 senior affordable housing units, help to keep residents on the island for many years to come. This new development is part of a larger initiative by Haynes and Roosevelt Island Operating Corporation to increase the number of high-quality, safe and clean apartment buildings on Roosevelt Island.