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INDUSTRY CITY BECOMING A NEW TECH BUSINESS HUB

Posted on by Ingram Hebron

Brooklyn’s Industry City to Get $1 Billion Modernization

Industry City

Industry City: Workers construct a space for One Girl Cookies at Industry City. Photographer: Michael Nagle/Bloomberg

courtesy of Bush Terminal/Industry City

(Bloomberg) — A late 19th century industrial complex on New York’s Brooklyn waterfront is slated for a $1 billion makeover that aims to transform the property into a modern hub for manufacturing and technology.

The owners of Industry City, Atlanta-based Jamestown and its partners, plan to invest about $890 million over the next 12 years, and anticipate tenants will put in about $150 million of their own money, according to a proposal announced Monday. The project will create one of the largest centers for the “innovation economy” in the U.S., and one of New York’s biggest engines of job growth, said Andrew Kimball, chief executive officer of Industry City.

Jamestown, whose other properties include Manhattan’s Chelsea Market, wants to revamp the “long-underutilized relic” into a magnet for employers in fields such as food, fashion, art, media and e-commerce, according to Kimball. The investors envision drawing as many as 20,000 workers to the renovated 16-building campus, which sits between the Gowanus Expressway and New York Harbor in Brooklyn’s Sunset Park section.

 

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