Kimball, who previously played a leading role in the transformation of the Brooklyn Navy Yard, said the 30-acre site would become an innovation ecosystem with high-employment, productive uses supporting innovation economy companies.

The innovation economy refers to the full arc of making a product, from initial research and development to engineering and design and the actual manufacturing and production by both traditional manufacturers and tech-driven “makers.” The industries that comprise the innovation economy—art and design, film and TV, fashion, tech and food—are considered New York City's fastest growing sectors.

“The $100 million pilot implemented over the last year demonstrates that with new investment, Industry City can again be a major driver in the regional economy,” said Kimball. “This forward-looking initiative will transform Industry City into a wellspring of creativity, opportunity and economic expansion that generates tens of thousands of good jobs for New Yorkers. Within the foreseeable future Industry City will become a national template for urban innovation economy transformation.”

“Modern innovation economy businesses are locating in urban, mixed-use areas near other complementary businesses, and they thrive on such critical amenities as transportation, retail, academic and research facilities,” he added. “Building upon this strategic model, Industry City today is poised to regain its status as a major economic driver for Sunset Park, Brooklyn, and the city of New York.”

If approved, the site's full redevelopment will generate an annual economic impact of $6 billion and annual city revenues of $97 million. The $890 million investment by the property's owners will spur an additional $150 million investment by tenants, bringing the total private capital investment to over $1 billion.

When completed, two-thirds of Industry City will house high employment “innovation economy” tenants, with the remainder used for community, academic, hospitality, retail and warehousing purposes.

“Brooklyn's innovation economy has been a driving force behind the rebirth of the borough, and Industry City's groundbreaking plan will take us to a whole new level,” declared Brooklyn Chamber president and CEO Carlo Scissura. “Not only will this proposal create almost 20,000 jobs, but it will provide an incredible home to Brooklyn's world-renowned makers for decades to come, and employ community residents from Sunset Park, Brooklyn and all of New York.”

Notable tenant acquisitions since the partnership's initial investment include MakerBot, which is leasing more than 250,000 square feet for 3-D printer design and manufacturing, a wide range of artisanal food makers, including Li-Lac Chocolates and Liddabit Sweets, a growing roster of fashion and accessories designers and tech and media companies, as well as the Brooklyn Nets, which is currently constructing a new practice facility at the property.