To help accommodate even more businesses at Brooklyn Navy Yard’s ever-expanding Building 77, Senator Charles Schumer is urging the U.S. Economic Development Administration (EDA) to provide $2.5 million in federal grant funding for the Navy Yard’s jobs expansion project – an initiative that will go towards renovating two floors of the building, creating 3,000-5,000 square foot units for businesses.
Recently, the 300-acre industrial yard has been in the process of its largest expansion since World War II, one that will create more than 1.5 million square feet of new space and eventually bring with it up to 5,000 additional jobs.
“The renaissance of Brooklyn Navy Yard is an economic development and job-creation miracle that – at 99 percent capacity — is busting at the seams,” said Schumer. “The bottom line is that the Navy Yard must have the ability to expand and renovate its existing buildings to attract even more small-to-medium-sized businesses to bring in even more jobs, jobs, jobs.”
The yard’s 4.5 million square foot of leasable space is currently 99 percent occupied with more than 330 businesses employing 5,000 people, according to Schumer. Building 77 itself occupies one million square feet of space and is currently undergoing a $140 million renovation.
“The EDA has always funded important economic-boosting projects, like the one at the Brooklyn Navy Yard—which will create one million square feet of office space for an additional 3,000 employees,” added Schumer. “The Brooklyn Navy Yard has already impressed the local community by transforming older, underutilized buildings into new space for economic development and job growth. The EDA should undoubtedly provide $2.5 million in federal funds to the Brooklyn Navy Yard and support this very important project.”
The Brooklyn Navy Yard Development Corporation (BNYDC) submitted the application for funding to the EDA for its Public Works and Economic Adjust Assistance Program. The projected cost for the entire renovation plan is $5 million and, should the federal funding go through, the Navy Yard will provide the difference.
“In order to continue supporting the growth of good-paying jobs in 2015, we have $200 million of construction activity happening and an additional $100 million kicking off this year,” said David Ehrenberg, president and CEO of BNYDC. Schumer’s support for the effort, he said, is “great news for our tenants, their workforces and the Navy Yard [and] gives us further confirmation of our need to add new space as quickly as possible and give our tenants room to grow.”