(Read more on the multifamily market.)

NEW YORK CITY-As a result of a process that began more than four years, the Coney Island Development Corp. has come up with one of the largest and most ambitious rezonings ever proposed in Brooklyn for the revitalization of Coney Island, Mayor Michael Bloomberg said yesterday at a Brooklyn Chamber of Commerce luncheon. The CIDC produced a strategic plan in 2005 that called for a thorough review of Coney Island’s zoning and since then, the Brooklyn office of the Department of City Planning has studied the entire Coney Island area, covering 47 acres, to find their vision.

“When people around the nation or the world hear the words ‘Coney Island,’ they think of fun in the sun, of beaches, boardwalks, and bumper cars on the Brooklyn shoreline,” Bloomberg said. “Coney Island certainly remains a popular warm weather destination; this summer, it drew nearly nine million visitors. But we all recognize that Coney Island just isn’t what it could be.”

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