Friday, November 30, 2012

Mayor Bloomberg Reveals Plans for Brooklyn Cultural District

Mayor Michael Bloomberg announced this week that the city is moving forward with its initiative to revitalize and develop the Downtown Brooklyn Cultural District at the edge of Fort Greene. In a press release from the Mayor's office, Bloomberg outlined plans to begin the construction of 600 new housing units and a new mixed-use development that would create 50,000 square feet of new cultural and community space along with a new iconic public plaza. The Gotham Organization and DT Salazar will develop the housing units, half of which "will be affordable to low- , moderate- , and middle-income New Yorkers." Additionally, a multi-faceted proposal by Two Trees Management Company to develop 50,000 square feet of new creative, cultural and community space, along with a dynamic new public plaza, has begun the public review and approval process. The City Department of Housing Preservation and Development also released a Request for Proposals for the last development parcel in the district, which is the key remaining piece of the multi-site plan to bring affordable housing, new commercial space, and space for cultural activities to this growing community.

"Downtown Brooklyn has very quickly become one of the City's most vibrant cultural destinations and an exciting place to live," said Mayor Bloomberg. "These projects – which will bring more affordable housing and community space to the neighborhood – are more proof of the confidence that the real estate industry has in New York City and in downtown Brooklyn."

"Fort Greene has historically been home to countless artists who are in need of affordable housing," said Council Member Letitia James. "This plan will provide additional arts space for those creative forces in this community, and affordable housing to address the demand. It is a mix that reflects the needs of a creative and diverse district."

Downtown Brooklyn was rezoned in 2004 in part to help facilitate the growth of the new cultural district centered in the Fort Greene neighborhood and its legacy of cultural activity. Since 2004, the City has committed over $100 million in capital funding to further enliven an already vibrant neighborhood of arts organizations and support the development of the Downtown Brooklyn area as a whole. This includes the Mark Morris Dance Center, the James E. Davis 80 Arts Building, the newly opened BAM Fisher Building, the BRIC Arts | Media House and the UrbanGlass Renewal project currently in construction, and construction of a new home for Theatre for a New Audience which is also underway.

"It's difficult to put into perspective how impactful today's announcement will be on the future of Downtown Brooklyn," said Tucker Reed, the President of the Downtown Brooklyn Partnership. "Active uses on these vacant sites will provide critical connections between our commercial and residential assets and world class cultural and entertainment attractions, fostering a cohesive and attractive Downtown experience. These sites were a critical missing piece."

For more news and information visit Blumberg Capital Partners.

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