$1 Billion Industry City Redevelopment Caught Up in Post-Amazon Political Drama

Large mixed-use projects aren't getting an automatic greenlight in New York City anymore.

1 minute read

March 30, 2019, 5:00 AM PDT

Catherine Curan reports on the ongoing controversy and contingencies surrounding the Industry City mega-development on the Brooklyn waterfront.

According to Curan, the plans to rezone the site to make way for a $1 billion investment in the 6 million-square-foot waterfront complex has been caught up in the post-Amazon headquarters controversy in Long Island City. The questions troubling the Industry City development now, according to Curan: "What should the template be for a massive commercial development that could transform a working-class residential neighborhood? And who gets to decide?"

Industry City's developers, Jamestown Properties, Belvedere Capital, and Angelo Gordon & Co, recently submitted a rezoning application that would pave the way for an additional"1.3 million square feet of space, including retail, hotels and academic facilities," according to Curan. The new development would created double employment in Industry City, to 15,000.

City Councilmember Carlos Menchaca withdrew support for the project earlier this month, however, unless the development did more to address gentrification concerns. That kicked off a cascading effect of politicians expressing similar concerns, and the developers have now delayed their rezoning application.

FULL STORY: Industry City on the rise

Tuesday, March 26, 2019 in Crain's New York Business

Community / Economic Development Urban Development New York New York City Industry City Amazon Headquarters Brooklyn Jamestown Properties Belvedere Capital Angelo Gordon & Co Gentrification Bush Terminal View More

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