Will Gowanus Canal cleanup spur development?

TRD New York /
Jul.July 16, 2012 12:00 PM

Even though city, state and federal clean-up work has begun on the Gowanus Canal, a group of Gowanus residents has decided to take matters into their own hands. These residents run a variety of tasks, including fly-over photography of the canal to create maps for analyzing street run-offs during rain storms, composting and replanting gardens that have been damaged in part by oil from the neighborhood’s industrial sites, the New York Times reported.

The neighborhood — which connects the pricey residential communities of Park Slope and Carroll Gardens, Brooklyn — was to have been home to a Toll Brothers development. But the team walked away when the area got designated a superfund site. They it didn’t make financial sense for them to close on the lots and have to wait 15 to 20 years for development to begin. Previous reports also indicated that once the city, state and federal clean-up reaches completion decades down the line, the neighborhood could have an additional 1,500 to 2,000 residential units, priming Gowanus for a residential rebirth.

Newtown Creek in Brooklyn is the city’s other “superfund” site, designated for cleanup by the Environmental Protection Agency. [NYT]

Related Articles

Federal Realty Investment Trust CEO Donald C. Wood and Georgetowne Shopping Center (Credit: Google Maps)

Fairway-anchored Bergen Beach shopping center sells for $85M

Avery Hall principal Brian Ezra and a rendering of 204 Fourth Avenue (Credit: Avery Hall and Startup Columbia)

Avery Hall pays $30M for Gowanus site

205 Park Avenue (Credit: Google Maps)

Developer files plans for mixed-use project facing BQE

85 4th Avenue in Brooklyn (Credit: Google Maps)

New details of Boerum Hill’s next big project unveiled

Clockwise from left: 532-542 Union Street and 232 Third Avenue in Gowanus, Tavros' Colin Rankowitz and Avery Hall's Brian Ezra (Credit: Terra CRG, Tavros, Avery Hall)

Gowanus gold rush: Avery Hall, Tavros, Charney buy sites for $55M

Long Island City, Queens (Credit: iStock)

Queens sale prices set record despite signs of trouble

239 Banker Street and, from left: Workable City's Sara Willard, Rabina Properties' Josh Rabina and Workable City's Adam Heller

Workable City, Rabina Properties pick up Greenpoint loft complex for $33M

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

Here’s what the $10M-$30M NYC investment sales market looked like last week