For the past year or so we’ve heard plenty of chirpings about Industry City, the former Bush Terminal on the Sunset Park waterfront that Jamestown Properties plans to transform into “a dynamic 21st century innovation and manufacturing community that balances existing manufacturing tenants with those centered on creative and innovation economy fields.” But now, Jamestown, along with fellow owners Belvedere Capital, and Angelo Gordon, have announced that the overhaul of the 32-acre complex’s 16 buildings will cost $1 billion and include a hotel, along with a huge amount of retail and tech start-up space. They also want an additional $115 million in infrastructure improvements like a massive new parking lot, as well as some rezoning concessions.
Sunset Park has gotten people’s attention in recent months–ours included–thanks to an influx of creative and commercial opportunities, as well as the major Industry City development. Located in the former Bush Terminal, the 16-building, 6.5 million-square-foot complex is being remodeled with the intent of creating “a dynamic 21st century innovation and manufacturing community that balances existing manufacturing tenants with those centered on creative and innovation economy fields.” And adjacent to the site is Liberty View Industrial Plaza, an eight-story, 1.2 million-square-foot warehouse that will offer work space.
These waterfront developments are touting Sunset Park as a walk-to-work neighborhood, and now residents will have a new park to stroll through on their way in to the office. Bush Terminal Piers Park opened this week after being in the works since the ’90s. Extending from 45th to 50th Streets along the waterfront, Brooklyn’s newest park sits atop a former toxic waste site, but was cleaned up over the past decade and now offers an esplanade overlooking tide ponds and restored wetlands.
If you renovate, will they come? It’s been less than a year since Jamestown Properties, the developer behind the successful Chelsea Market, acquired a 50% stake in the mostly abandoned industrial warehouse complex in Brooklyn’s Sunset Park known as Industry City.
Along with investment partners Belvedere Capital and Angelo, Gordon & Company, Jamestown plans to translate the success of Chelsea Market on a scale six times the size – 16 buildings encompassing over 6 million square feet formerly known as Bush Terminal. But while Brooklyn is currently the darling of the five boroughs, Sunset Park doesn’t quite have the cache of Chelsea – yet, and the viability of such an enormous undertaking is ten years in the making.