Though the Brooklyn Navy Yard was once a bustling shipping hub and manufacturing center, these days it’s not exactly a premiere destination for excitement and industry. Since its decommissioning in 1966, the inslet has fallen into disrepair and disuse.
Yet, in recent years, the area has begun to attract developers due to the size, space, and flexibility of the properties. Now, the Brooklyn Navy Yard Development Corporation has announced a $2.5 billion plan to overhaul the underutilized space.
According to Bloomberg, the plan involves the repurposing of old buildings as well as the construction of new tech-focused facilities. In total, developers expect to create more than 5.1 million square feet, and create as many as 13,000 jobs in the area.
These latest developments will build on several tech-focused spaces who have already taken up roost in the area. Early last year, The New Lab opened as a hub for “entrepreneurs who are defining the future of technology and human experience,” according to their website. Steiner Studios, a film lot, has also called the Navy Yard home for more than ten years.
Developers hope to build on these pre-existing successes with the creation of new creative and laboratory spaces with a variety of uses. Unlike other similar developments, though, the Navy Yard does not plan to “build and let them come,” i.e. create a variety of office spaces and wait for tenants to move in. Instead, the Navy Yard aims to self-fund the development, raising money based on the projects and companies that desire to move into the space.
The impending rebirth of the Brooklyn Navy Yard is likely to have significant geographical implications. The area is situated between Dumbo and Williamsburg — two of the most tech-friendly areas in the borough — and could create a more unified tech space, as well as adding to Brooklyn’s overall growing force as a startup hub.
Built In NYC has contacted the Brooklyn Navy Yard Development Corporation, and will update this article when they respond.
