BAM Cultural District Flowering to Transform Brooklyn

The massive redevelopment under way in the BAM Cultural District in Fort Greene is drawing comparisons to Lincoln Center in the ’90s, reports The Real Deal. It’s all part of rapid change in downtown and nearby areas, including Barclays Center, that will transform the borough in the next few years. Since a rezoning in 2004, New York City has spent more than $100 million in the BAM Cultural District, the story said. “People will look back at this and say it’s a truly remarkable renaissance,” said developer Douglas Steiner, who is building a 720-unit rental tower at Flatbush Avenue and Schermerhorn Street known as the Hub. New residential buildings and businesses began to spring up following the 2004 rezoning. Demand for housing is outpacing availability, and rents have increased, reaching an average of $3,254 for a one-bedroom in January, according to real estate firm MNS. Retail is also in demand, with commercial rents doubling or tripling since 2004. Meanwhile, the City is encouraging cultural spaces and programming. Within the next four years, the area will boast about 40 arts and cultural organizations, the story said. “We like to think of this as a cultural district that caters to everyone — not just the New York elite,” said Tucker Reed, president of the nonprofit Downtown Brooklyn Partnership.
The BAM Cultural District: The Next Lincoln Center? [TRD]