Mayor Eric Adams this week unveiled NYC's plan to rezone a 13-block stretch of Atlantic Avenue in Brooklyn to allow for the development of 4,000 new homes, of which 1,550 will be income-restricted.

Known as the Atlantic Avenue Mixed-Use Plan, the area will be rezoned from light manufacturing to residential, allowing housing developers to avoid NYC's time-consuming land use process.

The 13-block stretch of Atlantic Avenue has been zoned M-1 since the 1960s, a designation that only permits low-density commercial and industrial properties.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.