Local developers are promising to spend $8 million to help move along the construction of a public park at Willoughby Square in Downtown Brooklyn, Crain’s reported. The city had spent $40 million on acquisition, relocation and design costs for the $70 million project, but then the Economic Development Corporation cut $7 million from its capital budget that had been intended for the park.
The 1-acre green space is intended to sit atop a 694-space underground garage, which is being funded by private companies.
Residential developer Avalon Communities, as well as the developer of the big mixed-use CityPoint project nearby, have each committed to contributing $2.5 million. Both developers’ nearby projects are required to provide parking to meet zoning requirements, and the park would also likely be a marketing point for their buildings.
An EDC spokesperson said the group is still committed to advancing the park and is looking for alternative financing options. A Brooklyn City Council member has helped restore $1 million in city funding, while Brooklyn Borough President Marty Markowitz has worked with other developers to raise $2 million. [Crain’s]