A study commissioned by the Brooklyn Bridge Park Corporation has determined that the proactive treatment of the park's individual supports will amount to some serious savings over time. The report, by engineering firm and BBP go-to Ch2M, concludes that strengthening the park's more than 3,000 wood pilings with a protective epoxy now to prevent further decay will save the park about $84 million in the long run, Crain's reports. At a cost of $90 million upfront, and $160 million paid out over the next 50 years, the park's supports could all be treated, rather than dishing out the additional $84 million to fix each support as it's needed. Here's the catch: Brooklyn Bridge Park Corporation would be able to finance the preventative measures with money garnered through the development of uplands Pier 6 housing, which has been mired in controversy since an affordable housing component was proposed last year. "We are in an enviable position where we would have the funds available to make this large upfront payment," BBPC's vice president told Crain's "As anyone who follows city government knowsthat is rare."
According to Crain's, the park will make about $100 million if plans for the two condo buildings slated for the terminus of Atlantic Avenue are approved by the park's board of directors.
The epoxy treatment is more cost effective because it's less labor intensive, the materials are cheaper, and contracting a single firm to handle the work protects the park from future gains in construction costs.
· Brooklyn Bridge Park can save $84 million by maintaining wooden piles before they crumble, study says [Crain's]
· NIMBY's Come Out In Full Force To Fight Pier 6 Towers [Curbed]