JEMB Realty, New York City Economic Development Corporation and NYC Deputy Mayor for Housing and Economic Development Alicia Glen announced a new commercial development that will bring 400,000 square feet of new office and retail space to the Brooklyn Tech Triangle.
The project, located at 420 Albee Square, will be the first ground-up construction of commercial space in Downtown Brooklyn since the re-zoning of the area in 2004.
This development is a part of the Downtown Brooklyn Redevelopment Plan, a revitalization strategy under which the City has made $300 million in public investments in open space and infrastructure commitments.
The development is expected to create approximately 722 permanent jobs and 566 new construction jobs. The project announcement follows the release of a pair of reports that focus on the urgent need for commercial space to support continued growth.
One is a new analysis released by the NYC Economic Development Corp. which shows that market demand for new commercial space could reach up to 60 million square feet over the next ten years.
This report was released as part of a speech at the Crain’s Businesses Breakfast Forum, in which NYCEDC President Maria Torres-Springer outlined new and ongoing efforts by NYCEDC to create the space needed for continued economic growth and the creation of good jobs for New Yorkers.
The second report, an economic impact analysis released by the Brooklyn Tech Triangle Coalition, calls for the creation of 3.1 million square feet of office space to meet the needs of the rapidly expanding workforce and business community located in the Tech Triangle.
The Brooklyn Tech Triangle, which consists of Downtown Brooklyn, DUMBO, and the Brooklyn Navy Yard, has turned into New York City’s largest cluster of tech activity outside of Manhattan.
The Brooklyn Navy Yard is a 300-acre industrial park on the Brooklyn waterfront that was once the site of storied naval shipbuilding facilities, and is now home to hundreds of industrial businesses employing thousands of people.
The Downtown Brooklyn Partnership, working together with its three business improvement districts, manages over a million square feet of public space and undertakes diverse activities including attracting new investment and improving the environment for existing companies.
The DUMBO Improvement District advocates on behalf of DUMBO’s businesses, nonprofits, cultural organizations, property owners and residents, and provides community services and programming that amplify DUMBO’s creative and innovative vibe.
This Tech Triangle Coalition projects that they could generate $15.5 billion in economic impact by 2025, and the report highlights the need to support the future growth of the area through a series of recommendations.
The new JEMB Realty development, by adding at least 400,000 square feet of space, will help address this need for additional office space.
JEMB Chairman Morris Bailey said in a release that “We’re proud to be working with Mayor de Blasio and NYCEDC on this exciting project and investing in the continued growth of Brooklyn’s economy.”
NYC Deputy Mayor for Housing and Economic Development Alicia Glen added that “This is a fantastic project that will stoke Brooklyn’s economic engine and deliver the kind of high quality jobs and careers we want to secure our place in the 21st Century economy.”
NYCEDC President Maria Torres-Springer likewise noted that “Brooklyn’s Tech Triangle has seen incredible growth over the last decade, and with this new development, the City continues to invest in the neighborhood’s future and position the area as a center for innovation and job creation.”