NEW YORK CITY-The city finally landed the missing piece of the puzzle for a key Brooklyn project—a developer. The site is Willoughby Square, a public space that's slated to feature a park above a large, high-tech parking garage, and the developer that's stepped into the project is (appropriately enough), the Willoughby Operating Co. an affiliate of the American Development Group, according to the New York Times.

The company will lease the city-owned land with $6 million from city capital, the city's Economic Development Corp. and private contributions from area developers, the Times reports. Willoughby must be eager to work on the project—it has agreed to pay for any cost overruns and to finance the garage's excavation and development.

And that's no small task: the approximately 700-car garage will rely on a system of computers rather than parking attendants. According to the Times, this will be the largest automated parking facility in North America.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.