Bloomberg announces approval for expansion of Brooklyn Bridge Park; Joint Venture of Alloy Development and Monadnock Development

Mayor Bloomberg announced that the Brooklyn Bridge Park board of directors has selected a joint venture of Alloy Development and Monadnock Development to design and develop a residential building at John Street in DUMBO. New parkland, to include pedestrian bridges over a tidal salt marsh, tree-lined pathways, and a 13,000 s/f gathering lawn, will also be built at the John St. site. The 1.5-acre site, formerly owned by Con Edison, is at the northernmost section of the park. The residential building will include 47 apartments and cultural and retail space on the ground floor, to be occupied by the Brooklyn Children's Museum. There will also be improved pedestrian access to the park at Jay Street. "Brooklyn Bridge Park has quickly become one of our city's favorite parks, attracting visitors who enjoy its innovative design, new amenities and breathtaking views," said Bloomberg. "New parkland and residential development at John Street will allow the park to grow and continue to thrive as one of the highlights of our city's new green waterfront." "Today's board action is another positive step forward for the long-term financial stability of Brooklyn Bridge Park," said deputy mayor for Economic Development and Brooklyn Bridge Park Corp. chairman Robert Steel. "This investment in residential, retail and cultural space will strengthen the public-private partnership that has made this park so successful and spur healthy economic development that will extend beyond the neighborhood of DUMBO." "Brooklyn Bridge Park is emerging as one of our City's premier waterfront destinations with stunning views and a sustainable design," said NYC Parks commissioner Veronica White. "Today's announcement helps to ensure that the park will continue to be well maintained for years to come." "Securing residential development at John Street further strengthens the park's financial footing and our ability to operate and maintain the park far into the future," said Regina Myer, president of Brooklyn Bridge Park. "In addition, we are thrilled to be developing and integrating new parkland into the northern portion of the park and improving pedestrian access at Jay Street." Located in the future John Street section of the park, the residential development will include 47 residential units comprising a total of 96,440 s/f, 2,650 s/f of ground floor retail and 1,750 s/f of cultural space, which will open the first annex of the Brooklyn Children's Museum, a premier cultural institution based in Crown Heights, Brooklyn that provides exhibitions, cultural and environmental educational programming for children and families. Over the course of the lease term, the guaranteed payments from the development site are projected to result in $21.6 million of net present value. Alloy will design the property and expects to achieve LEED Gold Certification. Construction is anticipated to begin in 2014 with expected completion in winter 2015. The development selection marks a milestone for the park's long-term financial model with an additional source of revenue that will be directed to fund the park's maintenance and operations. In addition, the acquisition of the site ensures site control over the entire area as outlined in the General Project Plan and the ability to move forward on the construction of new parkland. With support from Councilmember Levin, construction will also add a second major park entrance at Jay Street that will provide direct access to public transportation at York Street and increase connections to the growing commercial business on Jay Street and the surrounding Dumbo and Vinegar Hill neighborhoods. Brooklyn Bridge Park Corporation, known as Brooklyn Bridge Park, is the not-for-profit entity responsible for the planning, construction, maintenance and operation of Brooklyn Bridge Park, an 85-acre sustainable waterfront park stretching 1.3 miles along Brooklyn's East River shoreline. The park was designed by the award-winning firm of Michael Van Valkenburgh Associates, Inc.