New York City Economic Development Corp. seeks developer for industrial site in Bedford-Stuyvesant neighborhood

New York City Economic Development Corp. (NYCEDC) recently issued a Request for Proposals (RFP) for the sale, or lease, and development of a 25,000 s/f vacant site in the Bedford-Stuyvesant section of the borough. The site is located on the north side of Atlantic Ave. and is bordered by Bancroft Pl. to the east and Prescott Pl. to the west. As part of the city's initiatives to support the industrial sector, NYCEDC will prioritize responses that propose industrial and light manufacturing uses for the site. The proposed development should focus on expanding quality job opportunities for local residents. "Activating this 25,000 s/f site represents another important step in our effort to preserve, revitalize and modernize industrial sites all across the city," said NYCEDC president Seth Pinsky. "Through this project, we have the opportunity not only to strengthen an economic sector that is critical to the city's future, but also to create quality jobs in an area in which the need for such jobs is great." "In spite of Brooklyn being at 'the forefront of the city's economic recovery,' there are areas of Brooklyn where unemployment is unacceptably high," said Brooklyn borough president Marty Markowitz. "That is why it is so important that EDC is using its resources to bring economic development to Bed-Stuy. Many Brooklynites in Bed-Stuy are fighting to keep their families well-fed and to prevent their homes from going into foreclosure. What these Brooklynites care about most are jobs and that is exactly what this RFP is intended to create." "Community Board 3 looks forward to the development of the property on Atlantic Ave.," said Henry Butler, chairman of Brooklyn CB3 below. "For far too long the south eastern quadrant of Bedford-Stuyvesant has been under-developed. We at Community Board 3 know that this will be the beginning of the revitalization of this area of historic Bedford-Stuyvesant." "Bedford-Stuyvesant's local economy is grounded in robust small businesses cultivated by neighborhood institutions and diverse physical capital," said Melissa Lee, managing director for the Coalition for the Improvement of Bedford-Stuyvesant (CIBS). "Building on these assets, the release of the Saratoga site for redevelopment will be another step to further strengthen local job opportunities and introduce sustainable industrial practices." The city recently unveiled 22 initiatives to strengthen the city's industrial sector and help small industrial businesses stay and grow in the city. One of the initiatives was for NYCEDC to continue to prioritize industrial uses for city-owned industrial sites through its competitive RFP process. While the Bedford-Stuyvesant site is located within a mixed use MX-10 zone, which allows for a wide variety of commercial uses, NYCEDC will prioritize responses that propose industrial uses. In total, the 22 initiatives will revitalize, modernize, and preserve up to 9 million s/f of underutilized industrial space, and create and retain up to 30,000 direct and indirect industrial jobs, generate annual payroll earnings of more than $900 million and more than $150 million in city tax revenue. The industrial sector is an integral part of the city's economy that has faced serious challenges in recent decades, but now offers real opportunities for growth and development. The initiatives resulted from an inter-agency review of the city's industrial policies, led by deputy mayor for economic development Robert Steel, Pinsky, Department of Small Business Services commissioner Robert Walsh and city planning commissioner Amanda Burden. To obtain a copy of the complete RFP, please visit www.nycedc.com/rfp. This is an Open-RFP and responses are being accepted on a rolling basis to be reviewed quarterly. Submission dates are August 22, 2011, November 21, 2011, February 17, 2012, and a final submission date of May 18, 2012. New York City Economic Development Corp. is the city's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the city's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities.