NYC gets $2.3M in state development funds

October 30, 2006 at 10:06 pm Leave a comment

The Empire State Development Corp. awarded more than $2.3 million to New York City to help build a new park on the waterfront near Yankee Stadium and to convert a public school in the South Bronx to mixed use housing.

The Empire State Development Corp. awarded more than $2.3 million to New York City to help build a new park on the waterfront near Yankee Stadium and to convert a public school in the South Bronx to mixed use housing.

About $1.32 million will be part of a $2.57 million conversion of Public School 31, a vacant landmark building, into a mixed-use structure that may include residential housing and space for the local arts community.

About $1 million will be used to help fund the BTM Waterfront Park, a $7.2 million series of ball fields along the waterfront next to the Bronx Terminal Market.

The funding will be used to demolish 199,000 square feet of commercial space near the market.

“There is a tremendous renaissance underway in the South Bronx, and these projects will leverage that growth and provide real benefits for community residents,” said Liza Kent, senior vice president and grants director at the New York City Economic Development Corp.

Earlier this year, the city approved a $500 million plan to convert the market into a 1 million-square-foot shopping complex, called Gateway Center. Community groups have protested the development, which will house big box retailers like Best Buy, Costco and BJ’s Wholesale Club, saying it will push out smaller local merchants.

The grants were part of $50 million in assistance given to communities around the state under the first round of New York state’s “Restore NY Communities Initiative.” A total of $300 million was appropriated for the program under the current fiscal state budget.

Three Long Island communities also received funding. ESDC awarded $1.5 million to Freeport, L.I., to convert a vacant building into 225 rental units and 25,000 square feet of retail space.

North Hempstead, L.I., received $100,000 to help finance a $5.7 million residential and commercial project. And Babylon, L.I., was given about $82,000, the majority of which will be used to demolish a 4,000 square foot building.

CRAIN”S NY

Advertisements

Entry filed under: Uncategorized. Tags: .

Coney developers forcing out rides, games, shops New 145th Street Bridge Arrives in the City Via Barge

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Going Coastal NYC

Connecting People to Coastal Resources

%d bloggers like this: