New BBP Plan Banks on Watchtower Properties

A new financing plan for Brooklyn Bridge Park has been agreed upon, according to The Times, and it both allows for the construction of housing to pay for the park’s operating costs and anticipates revenue from the transfer of Watchtower Bible and Tract Society buildings to the city. More specifically, the deal involves constructing a smaller than originally conceived residential building on John Street while setting a 2014 deadline for some of the Watchtower properties to be transferred to the city. In turn, the revenue that the Watchtower properties are expected to bring in would mean that other new construction planned for Pier 6 wouldn’t have to be as big: “Under the formula, for every square foot of Watchtower property that is rezoned residential and sold, the building space at Pier 6 would be reduced by 0.30 square feet. According to one estimate, 1.5 million square feet of Watchtower space would have to be sold to make up for the development of both buildings.” The Post, meanwhile, reports that the deal sees Sen. Daniel Squadron and Assemblywoman Joan Millman giving up veto power on the housing plans “after campaigning heavily against the city’s plans to add more housing.” Squadron, however, tells The Times that the agreement is a “new, broader-base model — not as extreme as the plan that we’re changing, but a way to build a great new park in tough times.”
Housing Deal Ensures Park in Brooklyn Will Expand [NY Times]
State Pols Surrender Veto Power [NY Post]