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| MESSAGE FROM THE PRESIDENT |
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The coming year will see the opening of the Brooklyn Cruise Terminal in Red Hook, the first new maritime use along the Brooklyn waterfront in a generation. A substantial number of long-term projects will begin construction, including the High Line public park, the Dia Modern Art Museum and the East River Science Park, and many other major development projects will create opportunities for all New Yorkers.
Whether it's restoring an icon, expanding the cruise industry or creating a new public park, New York City Economic Development Corporation (NYCEDC) is always looking for fresh ways to make the City more business friendly, diversify the economy and make the City a more livable place. At every step of the way, NYCEDC will continue to foster an environment for economic development and growth in all five boroughs.
Andrew M. Alper
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| NYCEDC HIGHLIGHTS |
Transforming the South Bronx:
Major Developments Take Shape
From the Administration's vision for the Hunts Point Peninsula to the redevelopment plan for the Hub, extraordinary economic opportunities are being created in the South Bronx. Recently, the City Council overwhelmingly approved the $400 million plan to redevelop the Bronx Terminal Market. The plan will transform the market into a 1-million-square-foot retail center and is expected to generate thousands of new jobs in one of the City's underserved communities. The project will also keep dollars in the Bronx that are now going to New Jersey and Westchester.
North of the Bronx Terminal Market and across the street from the current Yankee Stadium, a new ballpark will anchor a revitalization plan that will create new recreational facilities and open space. The Yankee area development plan will also provide new employment opportunities for thousands of area residents. These two vital economic development projects will create new opportunities for Bronx residents and create a safer and stronger quality of life for area families. |
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China Center Locates at 7 World Trade Center
The Vantone Group, one of China's largest real estate interests, made a strong commitment to Lower Manhattan in January. Vantone announced an agreement to become the first major tenant of 7 World Trade Center. The space will be used to establish the China Center - an office space and travel center aimed at giving Chinese businesses a presence in New York City - on the top five floors of the office tower and will create an estimated 800 new jobs. The agreement represents two years of collaboration between New York City and China and reaffirms the City's position as the Western headquarters for Chinese businesses. Other tenants that have leased space at 7 World Trade Center include American Express Financial Group and the New York Academy of Sciences. |
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Curtain Opens on the Apollo
Harlem has a long history of being a center of arts, theater and culture, and nothing represents that better than the historic Apollo Theater. The cultural icon re-opened its doors on December 15, 2005, after the completion of the first of two phases of renovations. In this initial phase, the historic façade was fully renovated and a programmable LED screen was added to the original marquee. A new box office and renovated glass storefront were also added to the exterior. The next phase will focus on the stage, backroom area and lobby, and is expected to be complete in mid-2009. NYCEDC administered $11.9 million in City funds of the estimated $24 million cost of phase one. The total project is estimated to cost $65 million. The renovations follow other recent developments in Harlem, including the opening of the Harlem USA entertainment and shopping mall and the groundbreaking for the West Harlem Piers. |
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A New Day for an Old Freight Line
Known for its thriving residential, cultural and shopping options, the Chelsea section of Manhattan is also home to one of the most exciting park developments in the City. An elevated rail line known as the High Line is slated to be developed into one of this City's premiere park destinations. Acquired by the City from CSX Transportation, the new park will feature an innovative walkway system that blurs the edges between the planted and paved areas, as well as a public plaza that will serve as an access point to the elevated structure. Night-time lights will be incorporated in a way that provides a more expansive view of the city lights beyond, and plantings will complement the existing prairie grass already in place. A recent rezoning of the area will help maintain the art gallery district and encourage development that maintains the High Line's unique site lines. Completion of the portion stretching from Gansevoort to West 20th Streets is expected in Spring 2008. |
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New York City's Cruise Industry Takes on an International Flavor
In addition to the two Carnival cruise lines that will operate out of the soon-to-be-completed Brooklyn Cruise Terminal, Italian-based MSC Cruise line recently announced its commitment to New York City. EDC President Alper joined MSC CEO Richard E. Sasso to announce the addition of the MSC Lirica to the cruising options in New York City. Starting in April 2007, the Lirica will begin year-round sailing from the City to destinations in Canada, New England, Bermuda and the Caribbean. The growth of the cruise industry furthers the Administration's goals of diversifying the City's economy and expanding the tourism sector.
The Administration's effort to reclaim the waterfront has fueled tremendous growth in the New York cruise industry. In 2004 alone, the industry had an economic impact of over $600 million and is expected to climb to $900 million by 2011. Rehabilitating the New York Cruise Terminal and the investment in the Brooklyn Cruise Terminal in Red Hook have helped position the City as the third-largest cruise market in the United States. |
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Tremendous Year for NYCIDA
Not-for-profit organizations and industrial companies are thriving in New York City, and the NYC Industrial Development Agency (NYCIDA) has been there to assist many expand their operations. This year alone, NYCIDA helped spur a total of $2.1 billion in private investment. Over three quarters of these 45 transitions occurred in the outer boroughs. Highlights include two passenger terminal projects at JFK for American Airlines and Terminal One Group, as well as the authorization of Liberty Bonds for 7 World Trade Center and the opening of a new academic building for St. Francis College. All told, these projects helped retain close to 10,000 existing jobs, while creating an estimated 1,400 new ones. |
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New Resource Available to Not-For-Profits
Treating companies as valued clients to encourage expansion and spur job growth is one of this Administration's top economic development priorities. To further this goal, NYCEDC created a new entity to streamline access to low-cost financing. The New York City Capital Resource Corporation will issue tax-exempt debt financing backed by direct loans to qualified organizations for expansion projects. Lower transaction costs will widen the pool of organizations that can take advantage of debt financing and make smaller transitions feasible. The program will initially target the not-for-profit sector and may later include industrial companies. |
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| NYCEDC ISSUES REQUEST FOR PROPOSALS |
Park-and-Cruise at Brooklyn Cruise Terminal
The Brooklyn Cruise Terminal will open a new option for New Yorkers and vistors to experience the City and exotic locations abroad. To increase parking capacity that the facility will create, Apple Industrial Corporation is seeking an experienced operator to manage the 594-space parking lot and associated transportation amenities located on and surrounding the property. Apple provides property management services on behalf of NYCEDC for city-owned sites. |
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Maintaining Chinatown
Chinatown is an example of the City's rich cultural diversity. To preserve its livability, NYCEDC is seeking proposal from cleaning services companies for supplemental sanitation services for the upkeep of this vibrant neighborhood. Graffiti removal and sidewalk maintenance are just a few of the services that the selected company would perform. |
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