Downtown Brooklyn 10-year report released
July 15, 2014
My, Downtown Brooklyn, how you have grown.
Since City leaders came together to champion the neighborhood as a thriving commercial hub, rezoning it in 2004 to facilitate growth and $400 million in public infrastructure investment, Downtown Brooklyn has attracted more than $4 billion in private investment leading to the creation of over 8 million square feet of space. That includes more than 5,000 residential units, 1,100 hotel rooms, almost a quarter of a million square feet of office space, and 625,000 square feet of retail space. Talk about a staggering return on public investment.
To commemorate the 10-year anniversary of the rezoning, we’ve got a new report that tracks the growth of the neighborhood across six different categories. Click here to read the full report.
And the success story is far from over. Today, the de Blasio Administration also announced the next wave of investment into Downtown Brooklyn, with priority projects focusing on public space activation, the creation of a Brooklyn Cultural District BID, streetscape improvements, freeing up retail and commercial office space in City-owned buildings, and job creation efforts to better connect the tech, creative, and academic communities in the Brooklyn Tech Triangle.
“This is one of the city’s great success stories, and we have an incredible opportunity to take these stunning communities, parks and institutions and knit them together,” said Mayor Bill de Blasio. “The investments we are making will help Downtown Brooklyn continue its rise, generate good jobs, and make this a more dynamic neighborhood to live and work.”