Monday, March 2, 2015

$1B Proposal to Refurbish and Build Hotel at Industry City

Industry City, the 16-building manufacturing complex on the Sunset Park waterfront, is about to get a major facelift. Jamestown Properties, developer of the bustling Chelsea Market, has plans to spend up to $1 billion for improvements to the 6-million square foot property. Jamestown, along with partners Belvedere Capital and Gordon & Co., plan to build a hotel within Industry City, which they hope will attract even more businesses to lease office space there. The trio estimates the project will create some 20,000 jobs in the largely industrial area.

Jamestown Properties, Belvedere Capital and Gordon & Co., the partnership that purchased a 60 percent stake in the 32-acre facility in 2013, has raised $1 billion to refurbish the sprawling Sunset Park facility.

The trio of partners behind Manhattan's popular Chelsea Market plan to apply its successful blueprint to the long-derelict waterfront complex, and build a hotel.

The redevelopment is expected to create nearly 20,000 jobs in the area.

 “A hotel could benefit the area as it becomes a more active and populated office and manufacturing neighborhood,” said Carlo Scissura, president and CEO of the Brooklyn Chamber of Commerce.

 Because of zoning regulations in the manufacturing district, the partnership has formally requested permission from the city for a variance.

The partnership has asked the city to address infrastructure upgrades needed in the surrounding area, including the Gowanus Expressway, which runs parallel to Industry City, as a condition for making the $1 billion investment.

“We all want something to happen with the Gowanus Expressway,” said Scissura. 

In particular, they hope the Gowanus Expressway and Third Avenue can be "brighter and safer and more bike-friendly."

Since 2013, Industry City has attracted new tenants from Rooftop Films to bakeries to 3-D printing house MakerBot.

Last year, the Brooklyn Nets signed on to open a 70,000-square-foot training facility at the complex.

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