Brooklyn Bridge Park has helped take DUMBO from plain slice pizza to paninis, according to Crain’s. Family-run Front Street Pizza, which now caters to choosier clientele, is just one of the many businesses to benefit from the 1.3-mile stretch of green, sandwiched between the neighborhood and the shore.
The increased foot traffic created by the park — it sees some 90,000 visitors on a typical summer weekend — has fueled new restaurants, shops and residential developments. And as the park continues to stretch over half a dozen piers and upland areas to an eventual 85 acres, it will be a boon to even more local businesses and developers.
And what is good for small businesses can be good for residential developers, which have seen the park push prices up to $800 per square foot, said Philip Henn, a vice president at Corcoran Group.
At Pier 1, development will even give back to the park, as developers Toll Brothers and Starwood Capital team to build an approximately 200-room hotel and a 150-unit apartment building. The project is expected to generate $120 million in fees over the course of the 97-year lease—in $3.3 million chunks annually—that will help to pay for the maintenance and operation of Brooklyn Bridge Park. [Crain’s] — Christopher Cameron