Since its purchase in 2013 by a consortium of owners including Jamestown Propertieswho just happen to be the successful converters of an old Nabisco factory into a bustling office-and-retail complex called Chelsea MarketIndustry City has attracted new tenants from Rooftop Films to bakeries to 3-D printing house MakerBot. A 6-million-square-foot, 16-building complex on the Sunset Park waterfront, Industry City has gotten a few facelifts, totaling about $100 million, since then, and it's probably about to get another one. A big one.
Crain's reports that Jamestown, along with Belvedere Capital and Angelo Gordon, want to build a hotel within Industry City, as well as sink $1 billion into further improvements across the whole complex that will attract even more businesses to lease office space there.
Because of zoning, the developers have to request permission from the city for the hotel proposal, which they plan to do formally on Monday, according to Crain's. Part of the pitch? It will create 20,000 jobs in the largely industrial area. The trio of partners also plans to ask for infrastructure upgrades as a condition for making this investment; in particular, they hope the Gowanus Expressway and Third Avenue can be "brighter and safer and more bike-friendly." Should we call a gentrification watch on the complex yet?
· Hotel proposed for $1B hipster industrial complex [Crain's]
· Sunset Park Industrial Stronghold Spurs Neighborhood Change [Curbed]
· All Industry City coverage [Curbed]
· All Sunset Park coverage [Curbed]