The groundwork for the redevelopment of LIC was laid in the City's failed bid for the 2012 Olympic Games. While the bid failed, Bloomberg continued to push for

The groundwork for the redevelopment of LIC was laid in the City's failed bid for the 2012 Olympic Games. While the bid failed, Bloomberg continued to push for redevelopment and IIRC lead some rezoning. Would not surprise me if developers started buying up land or ground leases around 2004–2005 and held onto them for a few years. The Olympic Village was to be on Hunter's Point.