Industry City stakeholders announced today details for the redevelopment of its six million-square-foot waterfront complex in Sunset Park, a reinvigoration that is being sparked by $1 billion worth of investment and the growing demand for space for the “innovation economy” that has taken root in Brooklyn.
Plans for the development—which is owned by Belvedere Capital, Jamestown Properties and Angelo Gordon, along with Cammeby’s International and FBE Limited—are set to unfold over several years and build on the success already enjoyed by the complex (In the past year, Industry City stakeholders have already invested $100 million into the complex and have leased over 850,000 square feet). The development will include academic space, a 900,000-square-foot expansion of on-site retail and a hotel catering to local businesses. Four million square feet of space for “innovation economy” companies and modern manufacturing will be brought online, making Industry City the nation’s largest, privately-owned adaptive reuse space (it is already the largest privately owned industrial complex in New York City.) In order for this plan to come to fruition, the complex would need to undergo rezoning to be considered through a Uniform Land Use Review Procedure.