Under terms of the agreement, the newly created Brooklyn Bridge Park Operating Entity will be responsible for the planning, construction, maintenance and operation of the waterfront park. The city-controlled entity will include a 17-member board, with appointees by the mayor, governor, the district's state senator and Assembly member and other state and local elected officials.
According to a release, the board will create a community advisory committee as well as a subcommittee on alternatives to housing, both with the idea of exploring potential alternative revenue sources to the planned residential developments on Pier 6 and John Street. The city's investment of up to $55 million in additional funds and final build-out of the remaining park is contingent on the approval of the board.
At a meeting Wednesday morning, the Brooklyn Bridge Park Development Corp. approved the agreement. It's expected to come before the state's Public Authorities Control Board in June.
Twenty-five years in the planning stages, the park project is already in the works. Sections of Pier 1 and Pier 6 redevelopment are scheduled to open this spring, according to the Bloomberg administration. When completed, the 85-acre park will stretch along the Brooklyn waterfront from Atlantic Avenue to Jay Street, north of the Manhattan Bridge.
"Despite the economic challenges we face today, we can't turn away from important projects that will help build a better future for our city—in fact, we need to make those investments today more than ever," Mayor Michael Bloomberg says in a statement. "As we enter this new phase, the state and local elected officials will continue to play an integral role in the development of the park, and the community will be an even greater part of the process."
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
