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| MESSAGE FROM THE PRESIDENT |
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New York City's economy continues to grow in all five boroughs. The current unemployment rate has fallen to 5.4% - and more than 56,000 new private sector jobs have been created in the city during the past 12 months. The opening of the Brooklyn Cruise Terminal brought hundreds of new jobs to the Brooklyn waterfront with more to come. Lafarge North America, Sims Hugo Neu Company and the Axis Group are each developing facilities that will bring industrial uses to the waterfront and create hundreds of new jobs in the years to come.
Waterfront development in all five boroughs is central to the Administration's economic development approach. Strategic use of the vast waterfront will make the City more livable, more business friendly and economically diverse, creating job opportunities and parkland for all New Yorkers.
Andrew M. Alper
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| NYCEDC HIGHLIGHTS |
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Homeport Plan Moves Forward
A waterfront reclamation project in Staten Island took a large step forward this month. On May 8, the Department of City Planning officially began the public review process for the redevelopment plan for the Stapleton Waterfront and former Navy Homeport. The plan includes housing, retail, a sports complex, farmers market and other complementary uses linked by a new mile-long waterfront esplanade that will provide the community with access to the waterfront for the first time since 1990. Approximately $66 million is budgeted for the construction of the esplanade and infrastructure improvements.
The Stapleton and Homeport plan comes from goals set forth in the 2004 Mayor's Homeport Redevelopment Task Force that calls for the creation of a special Stapleton Waterfront District, changing the zoning in the area, mapping a new street system and disposing of city-owned property to encourage development. |
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New Park to be Created on Former Brownfield
On April 20, Mayor Bloomberg and Governor Pataki announced plans to create a new multi-use public park on four brownfield piers in Sunset Park. The $36 million remediation and redevelopment of the Bush Terminal Piers is expected to create more than 14 acres of new open space on land contaminated by the unauthorized disposal of construction and demolition debris and liquid wastes. The new open space will include athletic fields, an environmental education center and a community hall, as well as other active and passive recreational uses.
The Bush Terminal Piers clean up and redevelopment is part of the Strategic Plan for the Redevelopment of the Port of New York. Within the planning process, EDC engaged the public and identified the Bush Terminal Piers as a future open space. |
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Queen Mary 2 Opens the Brooklyn
Cruise Terminal
Investment in growing sectors such as tourism and the cruise industry have helped diversify New York City's economy. On April 15, Mayor Bloomberg greeted the Queen Mary 2, the first ship to dock at the newest of these investments: the Brooklyn Cruise Terminal. The new facility brings 290 permanent jobs to the Brooklyn waterfront and follows an agreement with Carnival Corporation to make the Brooklyn Cruise Terminal its berth of choice for its Princess and Cunard lines in the New York region. The economic impact of the cruise industry is expected to grow to $900 million by 2011, up from $600 million in 2004. |
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EDC to Create "Industry Desk" to Support Not-for-Profit Organizations
Not-for-profit organizations play an important role in the City. To aid organizations in fulfilling their respective missions, EDC has established a sector-specific "industry desk" within its Client Coverage Department. The desk will function as "information central" for not-for-profit organizations, providing information on real estate, financing and services or opportunities from third-party providers. The desk will also assist not-for-profits in navigating City government resources. The desk targets all types of not-for-profit organizations including social services, arts and cultural organizations.
Assisting not-for-profit organizations in expanding their capacity to provide services is vital to the future of these organizations. The New York City Capital Resource Corporation (CRC) recently approved financing assistance for Maimonides Medical Center and New York Blood Center, the first projects approved by this new entity. The two organizations will create more than 142 new jobs from a total investment of $62.7 million in Brooklyn and Queens. |
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Industrial Companies Expand in IBZs
On March 16, Mayor Bloomberg joined owner Gittu Modi to break ground for a new facility for Brass Masters, an importer, finisher and distributor of hardware, furniture and architectural products. The new 33,000 square-foot facility at the East New York Industrial Park will allow the family-owned company to expand its work force by 45 people. It will also reduce lead-time, inventory levels and manufacturing costs. The facility is scheduled for completion
in late 2006.
On March 23, Pepsi New York announced plans to develop a new distribution facility in the Zerega Industrial Business Zone in the Bronx. The $30 million project will consolidate portions of two Bronx facilities on a vacant parcel of land. The project keeps 80 Pepsi New York employees and 90 independent distribution jobs in the Bronx. |
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New Retail Center Comes to the South Bronx
Economic development projects across the South Bronx are catalyzing a renaissance of the entire area. On March 14, Mayor Bloomberg, Bronx Borough President Carrion, and Related Companies CEO Steve Ross continued this trend by breaking ground on the Hub Retail Center. The 170,000 SF mixed-use facility will expand the HUB retail district north, creating new retail options for area residents. The complex will also house the Bronx offices of the Department of Finance making it easier for Bronx residents to conduct business with the City. The developer will renovate a former municipal parking garage as part of the project. The $560 million project is expected to create hundreds of new construction and permanent jobs.
The Hub Retail and Office Center is another example of the tremendous development occurring throughout the South Bronx. A new Yankee Stadium, a transformed Bronx Terminal Market and new waterfront parks will help create a vibrant, mixed-use district. |
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Transforming a Waterfront Landmark
A rare building will play a pivotal role in reshaping New York Harbor. NYCEDC issued a Request for Proposals (RFP) to lease and redevelop the historic Battery Maritime Building (BMB), a 140,000 SF, four-story industrial Beaux Arts-style building located at the southern tip of Manhattan. With the City spending approximately $60 million over the last five years to restore the building's exterior and stabilize its substructure, the BMB is now ready for a transformation. NYCEDC is seeking to enter into a long-term lease with a developer to convert the landmark building into a vibrant public space. Ideas for future use include a food market that may include retail and wholesale food markets, food production areas, culinary education space, outdoor farmers' markets and restaurant and event space. Along with new interior development, the building will continue to serve as a gateway to Governors Island.
The RFP highlights the tremendous surge in development in New York Harbor. Last month, the Governors Island Preservation and Education Corporation (GIPEC) issued an RFP for the preservation and development of the Island and the City and State announced the dedication of a combined $120 million to rehabilitate the Island's infrastructure and historic structures. |
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| NYCEDC ISSUES REQUEST FOR PROPOSALS |
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High Line Reconstruction
NYCEDC is publicly bidding the site preparation work for an elevated rail line known as the High Line that is slated to be developed into one of the City's premier park destinations. Primary reconstruction will involve structural steel and concrete repair and replacement, lead paint abatement and drainage system connections for the High Line, as well as other site preparations. |
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Customized Cargo Truck Purchase
To keep the City graffiti-clean, NYCEDC is requesting public bids for an authorized vehicle dealer to retrofit and build out customized trucks. Ten trucks will be outfitted for use in NYCEDC's Graffiti-Free New York program. |
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28th Avenue Reconstruction
To keep the City business friendly and livable, NYCEDC is seeking a firm to reconstruct 28th Ave in College Point Corporate Park, Queens. The work will primarily cover emergency repairs/reconstruction to street hardware, sidewalks and roadways between 123rd Street and Ulmer Street on 28th Ave. |
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Transforming Piers into Tradeshow Space
Despite ranking second in the US in total number of shows and first in total attendance, New York City is one of the most underserved markets for trade show venues, both in number of venues and in available floor space. To that end, NYCEDC is seeking proposals for the lease and redevelopment of Piers 92 and 94 as a mid-sized trade show facility. Located between West 51 Street and West 54 Street on Manhattan's west side along the Hudson River, the new space will add thousands of square feet of exhibition space and improve public waterfront access. |
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