NEW YORK | Red Hook Waterfront Redevelopment | 45,000 units

[NYguy]

https://therealdeal.com/2020/10/12/p...-land-to-sell/

Port Authority, out $3B, has waterfront land to sell
Agency’s revenue crushed by Covid as it pursued projects costing billions

TRD New York
October 12, 2020

...Vehicular traffic is back within 10 percent of normal, and shipping at the agency’s ports is now above its level of a year ago. However, airport activity is still down 80 percent, said Rick Cotton, executive director of the agency, during a TRD Talk last week.

One revenue generator for the authority would be to sell to housing developers its 80 acres of waterfront land in Red Hook, where it has a small container operation...

“We understand that in terms of its land, it’s not the highest and best use,” Cotton said. “We’d absolutely be prepared to work with the city, state and community in terms of enabling development on that site.”

...Cotton noted that regardless of what happens with the Red Hook site, shipping will continue somewhere in Brooklyn. Operations could be moved to the South Brooklyn Marine Terminal in Sunset Park. The bistate agency has been talking with de Blasio’s Economic Development Corporation, which owns the terminal.

[Busy Bee]

So is this directly related to the AECOM vision proposal from a few years back that included a 1 train extension to RH?

[chris08876]

^^^^

Its a long term vision or goal. There will be set backs because with any vision or goal that is 20+ years in length, times will change.

[NYguy]

Originally Posted by Busy Bee

So is this directly related to the AECOM vision proposal from a few years back that included a 1 train extension to RH?

It's what would make the development possible. From the original plan:

AECOM envisions building as many as 45,000 units of housing, much of it in new residential towers that would rise on underutilized Brooklyn sites owned by the Port Authority of New York and New Jersey and the city.

The company plans to unveil the proposal Tuesday at the NYU Rudin Center for Transportation. Under the preliminary plan, proceeds from the sale or long-term lease of the land to developers, as well as other funds generated from revenue streams such as real estate taxes, would go toward upgrading the neighborhood's infrastructure..........

The plan calls for constructing more than a dozen towers that would contain as many as 45,000 apartments, a quarter of which would be set aside for affordable housing.

The new towers would sit on multiple sites: two adjacent waterfront compounds, the 80-acre Red Hook Container Terminal owned by the Port Authority of New York and New Jersey, a similar-sized adjacent parcel of city-owned waterfront along Columbia Street, the southern edge of the neighborhood overlooking the Gowanus Bay and unused land located at Red Hook Houses.

The Port Authority is offering up its portion of the site for development. As that pandemic crushes finances from various municipalities and organizations, we'll see more interest in land that could potentially be redeveloped into something more, even if that would be down the line.

One revenue generator for the authority would be to sell to housing developers its 80 acres of waterfront land in Red Hook, where it has a small container operation...

“We understand that in terms of its land, it’s not the highest and best use,” Cotton said. “We’d absolutely be prepared to work with the city, state and community in terms of enabling development on that site.”