City needs long-term strategy for economic development.

The ongoing revitalization of Lower Manhattan is the primary focus of economic development experts, and for good reason. The area is vital to the city's economy, and its rebirth will help ensure that New York remains a global center of commerce, culture and tourism.

Lower Manhattan, however, should not be the only focus of the public and private sector. We can and must do more in key areas, including waterfront development, transportation and energy, and nurture new developments throughout the five boroughs.

New York Building Congress members believe that New York City needs a long-term, 20- to 25-year development strategy. Not only would such long-range vision help frame deliberations surrounding the revitalization of Lower Manhattan, but it would also encourage public officials to focus on the city's overall needs, even as they grapple with near-term budget deficits.

To help these deliberations, the Building Congress and its affiliate, the New York Building Foundation, commissioned a report, "Building for Growth: A Development Strategy for New York City's Long Term Prosperity," which is a draft for discussion and calls for a comprehensive analysis of the city's development and infrastructure needs.

According to the report, the following components are vital to a comprehensive development strategy.

* Waterfront Development -- Compared to other North American cities, New York has made little progress in redeveloping its waterfront for commercial, residential or recreational uses. Vast stretches of fallow waterfront surrounding Manhattan and, in particular, the inner waterfront areas of Brooklyn and Queens, represent a major opportunity for investment and development strategy.

* Transportation Capacity -- Despite two decades of economic and population growth, the last major addition to transportation in the city was the completion of the Verrazano Narrows Bridge in 1964. Further and sustained growth in the economy requires major investment in new capacity in public subway, commuter rail and bus systems, as well as improved highway and street capacity for passenger and freight vehicles.

* Housing Supply -- Despite the current recession, demand for additional housing at all income levels and in all boroughs continues. The need is particularly acute for programs that encourage construction of lower- and middle-income units.

* Major Project Development -- In addition to the World Trade Center site, the city must initiate planning and development of office, hotel, retail, residential and recreational facilities in the city's large, vacant districts including Sunnyside Yards, Atlantic Terminal and Jamaica Center. The Bloomberg administration's plans for the Hudson River Yards on the far West Side of Manhattan serve as the perfect example of the kind of creativity and vision that is needed throughout the city.

* Infrastructure systems -- In addition to transportation, New York City must be willing to make needed investments in other infrastructure including electricity generation, natural gas pipelines, telecommunications, water, education and public health facilities.

According to the report, New York City needs to: Frame a vision and a program for future growth; formulate new economic development strategies; and, provide infrastructure that will stimulate and accommodate private sector investment.

Over the course of the year, Building Congress members will initiate discussions with key policy makers to discuss the challenges outlined in the report. These discussions will explore potential solutions such as adopting dedicated sources of infrastructure financing, reforming zoning policies and land-use regulations, and creating incentive packages designed to spur targeted private sector investments. Your comments are welcome on the development strategy report, which is available online at: http://www.buildingcongress.com/code/strategy/2002-summary.htm.