Henry Melcher reports on the massive investment plans for Industry City in Sunset Park, Brooklyn.
According to Henry Melcher, the team behind Chelsea Market—Jamestown Properties, Belvedere Capital, and Angelo, and Gordon & Co.—will invest "$890 million into the complex, turning it into a so-called 'innovation hub,' creating more than 13,000 on-site jobs over the next 12 years." The investment follows a $100 million in 2013, which helped lease 850,000 square feet of the property.
Melcher adds: "When complete, two-thirds of Industry City will be geared toward 'innovation,' while the rest of the complex would house academic institutions, warehouse facilities, and retail. There are also plans for a hotel and a significant new surface level parking lot at the site."
Melcher also quotes Industry City CEO Andrew Kimball in countering characterizations of the project as a "hipster mega-project" when announced in March.
FULL STORY: INNOVATION IN SUNSET PARK
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UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research