Brooklyn’s Tech Triangle—a technological hub within the borough made up of Downtown Brooklyn, DUMBO and the Brooklyn Navy Yard—will be seeing the construction of its first ground-up commercial development in 11 years, according to the New York City Economic Development Corporation (NYCEDC).
The brand new 400,000 square-foot development—to be built at 420 Albee Square—will feature both commercial and retail spaces in sync with Mayor Bill de Blasio’s vision of job growth and Downtown Brooklyn’s Redevelopment Plan—a strategy that aims to revitalize the area, with $300 million in public investments already committed to open spaces and infrastructure, according to NYCEDC.
“Brooklyn’s Tech Triangle has seen incredible growth over the last decade, and with this new development, the city continues to invest in the neighborhood’s future and position the area as a center for innovation and job creation,” said NYCEDC President Maria Torres-Springer. “In our efforts to support entrepreneurs and encourage economic opportunity and job creation, we are finding ways to utilize city-owned assets by leveraging the power of public-private partnerships, capitalizing upon every opportunity to create the space innovative businesses need to thrive, expand and create the jobs of today and tomorrow.”
The development comes on the heels of an impact report released by the Brooklyn Tech Triangle Coalition that calls for the creation of “3.1 million square feet of office space to meet the needs of the rapidly expanding workforce and business community located in the Tech Triangle,” according to NYCEDC.
“The demand for commercial space in Downtown Brooklyn is far outweighing the supply, a direct impact on our ability to create local jobs and support the needs of our burgeoning community,” said Brooklyn Borough President Eric Adams. “Developing 420 Albee Square for commercial and office usage is an important piece of the larger puzzle we must solve.”
“New commercial construction, and the good jobs that come with it, is vital to the economic health of our neighborhoods,” added Councilmember Stephen Levin. “This project is an important step toward delivering the commercial and office space and job growth that were originally envisioned by the Downtown Brooklyn rezoning.”
The coalition’s report projected that through this plan, the Tech Triangle could generate upwards of $15.5 billion in economic impact by 2025. Through creating commercial and industrial working spaces, leveraging city assets to support commercial growth, investing in public spaces and enhancing transit infrastructure, 18,000 jobs could be created within the next 10 years, according to the coalition.