Brooklyn’s Bush Terminal in Sunset Park will receive a $10 million grant from the state for new construction.
In making the announcement last week, Governor David Paterson and Empire State Development (ESD) Chairman and CEO designate Dennis Mullen noted that the project was one of several in the state to receive “Restore New York” grants.
The September (third-round) statewide grants totalled $153.6 million.
Restore New York was designed to revitalize urban areas and stabilize neighborhoods as a means to attract residents and businesses.
The Bush Terminal campus project includes the demolition and reconstruction of the surplus municipal building. Currently 37,100 square feet of industrial buildings are situated on a 130,000-square-foot site zoned to accommodate 260,000 square feet.
The property is located in an Empire Zone, a Brownfields Opportunity Area study area, a NYC industrial Business Zone and a new market tax credit eligible area.
The city’s Economic Development Corporation (EDC) will prepare the site for a new building to be constructed and possibly used by a private sector enterprise.
Restore New York funds will be used for demolition, asbestos removal, utility upgrades and new construction.
The EDC is in discussions with interested industrial owner operators. A redeveloped site will generate private investment, jobs and taxes.
Yesterday, Governor David A. Paterson and Empire State Development Chairman and CEO Designate Dennis M. Mullen announced the recipients of $153.6 million in the third round of Restore New York grants.
Empire State Development will provide funding to 79 projects statewide through its Restore New York Communities Initiative, a program whose goal is to revitalize urban areas and stabilize neighborhoods as a means to attract residents and businesses.