Developers selected for $200M manufacturing complex project.Time Equities and the Brooklyn Economic Development Corporation have been selected to redevelop Federal Building #2 into one of the city's first mixed-use light manufacturing and retail complexes. The 1.1 million square foot building occupies a 314,000 s/f parcel of land bounded by Second and Third Avenues and 30th and 32nd Streets in the Sunset Park Sunset Park is the name for several parks including:
New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's Economic Development Corporation called for proposals to renovate the existing eight-story warehouse building for use by light manufacturers on the upper floors and retail and showroom space on the lower floors. The join venture developers plan to construct a new retail center with accessory parking on the adjacent 100,000 s/f parking lot. The total cost of the project is estimated to be $205 million. It will create approximately 1,285 full time jobs and almost 2,000 construction jobs, and generate about $44 million in real estate and other taxes over 25 years. "This is another giant step toward realizing Mayor Bloomberg's commitment to creating an environment that encourages important industrial businesses to remain and grow in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ," said NYCEDC NYCEDC New York City Economic Development Corporation President Robert C. Lieber. "This project, coupled with our efforts to revitalize the Bush Terminal Complex and South Brooklyn Marine Terminal, will significantly increase the Southwest Brooklyn Industrial Business Zone's portfolio of state-of-the-art, affordable industrial space and make Sunset Park a haven for light manufacturing for years to come." The new manufacturing center will contain both rental and condominium units. In addition, significant economic incentives are available to businesses that relocate to the site, which is in a state Empire Zone. As an amenity to the project's businesses and employees, the developers have agreed to make 10,000 s/f of space available rent-free to an affordable daycare center. Other amenities include a full service fitness center, Wi-Fi Internet access and various food service options. Federal Building #2 was built as a warehouse for the Department of the Navy in 1916 and is currently owned by the Federal Government and administered by the General Services Administration The General Services Administration (GSA) was established by section 101 of the Federal Property and Administrative Services Act of 1949 (40 U.S.C.A. § 751). The GSA sets policy for and manages government property and records. . NYCEDC will take title to the property prior to disposition to the developers. Time Equities was selected to partner with BEDC BEDC Block Error Detection Code BEDC Biotech Employee Development Coalition (human resources professional association; San Diego, CA) BEDC Bay Economic Development Corporation (Bay City, Michigan) on the project as a result of a Request for Proposals issued jointly by NYCEDC and BEDC. Time Equities Chair and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Francis Greenberger said, "The redevelopment of Federal Building #2 and its adjacent site will have tremendous benefits not only for Sunset Park, but for all of New York City. I am extremely excited to be working with the City's EDC EDC See: Export Development Corp. and BEDC on this project." |
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