The BK Projects That Didn't Get Stimulus Help
Although the EDC announced yesterday that City Point was the only Brooklyn development on track to receive federal stimulus funds in the form of tax-exempt bonds, several other big projects in the borough were vying for money from the program, which is called “Recover NYC.” The program only serves non-residential developments, according to an EDC…
Although the EDC announced yesterday that City Point was the only Brooklyn development on track to receive federal stimulus funds in the form of tax-exempt bonds, several other big projects in the borough were vying for money from the program, which is called “Recover NYC.” The program only serves non-residential developments, according to an EDC spokesman, and it involves a public review period. (In other words, the City Point funding isn’t a sure thing since it’s subject to a public hearing in September.) To qualify for the money a project has to be “shovel-ready” but, presumably, hurting on the financing front. While it’s still possible that other developers who applied for the bonds will get them—there will be a second tranche in the fall and there’s still around $90 million in funding to award—these are the would-be Brooklyn projects that didn’t make the cut this time around:
EAST NEW YORK: “Phase II: Construction of 615,000 sq. ft. destination retail center.” This is part of the Gateway Center Mall.
DOWNTOWN BROOKLYN: “Construction of 117-room midscale select service hotel.” This is at 125 Flatbush Avenue Extension, next to the Oro. The developers paid $10.8 million for the property in early ’08.
CONEY ISLAND: “Construction of an automated garage for 102 cars, a school for 569 students and staff and 126 residential units.” The school of the future is planned for 271 Sea Breeze Avenue.
WILLIAMSBURG: “Construction of a 17,000 sq. ft. mixed use building with ground floor retail and second floor office.” Planned for 207 Grand Street.
GOWANUS: “Construction of a 78,521 sq. ft. professional building with 114 parking spaces.” This one’s been in the works for a long time at 399 3rd Avenue; Karl Fischer is supposed to be the architect.
The full list of applicants is right here.
City Point Gets Financing Boost from The Feds [Brownstoner]
Recover NYC [EDC]
Oh, boo hoo. Lets hope NO projects get “stimulus” money. The morons in DC need to be stopped.
The Gateway Mall is really vital for the residents of that area. There is very little shopping for things like home goods and clothing besides small boutique-y places. there are also a number of national chain restaurants there like Red Lobster and I believe Bugaboo Creek which are ALWAYS packed. Last time some friends and I tried to eat at RL, the wait time was 1 1/2 hours.
Better public transport access – i.e. more frequent buses there – would be helpful too. It is a lone trek to walk there but you see people doing it, often with very large bags carrying their appliances or what have you.