Dive Brief:
- The New York City Economic Development Corp. has announced its first $10 million Industrial Development Fund (IDF) grant to Greenpoint Manufacturing and Design Center (GMDC) so that the nonprofit developer can renovate a former Queens factory into a multitenant manufacturing facility, according to Commercial Property Executive.
- The GMDC project is expected to provide space for up to 24 manufacturing businesses and create approximately 80 permanent jobs..The renovation is also expected to create 147 full-time construction jobs.
- The GMDC grant is the first in a $150 million program to revitalize the New York City manufacturing industry.
Dive Insight:
New York City Mayor Bill de Blasio and City Council Speaker Melissa Mark-Viverito introduced the IDF as part of a 10-point plan aimed at the city’s industrial and manufacturing business environment. The plan involves initiatives under three categories: safeguarding and strengthening key industrial areas, creating long-term manufacturing and industrial businesses, and training New York workers for future manufacturing and industrial jobs.
Ultimately, program organizers hope to increase the city’s industrial workspace by 400,000 square feet and generate 1.200 new jobs by 2020. The fund represents $60 million in public dollars and $90 million in private sector financing. Fund officials said GMDC has a record of successful redevelopment of industrial spaces and has renovated seven buildings since 1992.
De Blasio has also taken the lead on other city construction initiatives. Last month, he signed off on measures under the Build It Back program that officials hope will streamline the effort to address Superstorm Sandy damage still left unrepaired. The legislation fast tracks the demolition process by allowing properly supervised work to move forward without a final permit. City officials said the Build It Back initiative focuses on post-Sandy restoration but also provides for more resilient construction that will better withstand future extreme weather events.