The city plans to spend nearly $17 million on infrastructure improvements in an industrial section of East New York as part of its efforts to spur job growth and more affordable housing following the neighborhood’s rezoning change.
City officials are zeroing in on the 105-acre industrial zone as a way to bring more jobs to the area, the Wall Street Journal reported. To help attract businesses, the city will invest in infrastructure improvements, as well as promote existing grants and low-interest development loans and expand access to affordable high-speed internet, the newspaper reported.
In April, East New York was the first of 15 neighborhoods to be rezoned and to be affected by mandatory inclusionary housing. The latter requires developers seeking a residential rezoning to set aside at least 25 percent of their apartments as affordable.
The overall rezoning is expected to generate more than 6,000 apartments, with half of those units being market rate and the other half geared toward those making between $23,350 and $69,930 for families of three, though the lack of 421a will make it difficult to reach those figures. The plan is also expected to bring 1.3 million square feet of retail, office space and community facilities to the area.
The city’s plan for the industrial zone — previously nicknamed “Little Pittsburgh” — hopes to bring 250 more companies to the area and create 3,900 jobs. The city also aims to add 2.7 million square feet of industrial space in the next 15 years, the newspaper reported.
At a town hall meeting last week, de Blasio said his administration “could have done better” in pushing for particulars of the rezoning, according to DNAinfo. The mayor said his administration has put forth initiatives to prevent illegal evictions and preserve affordable housing. [WSJ] — Kathryn Brenzel