The Brooklyn Navy Yard Development Corporation is making plans for a $2.5 billion redevelopment of the Brooklyn Navy Yard. The nonprofit that runs the yard will self-fund the expansion with revenue from the site as well as using funds from a EB-5 program. The project, which will focus on 24.5 acres of the 300-acre complex, will add an additional 5.1 million square feet of space to the Tech Triangle site. The Development Corporation projects the scheme will raise the workforce from 7,000 current employees to roughly 30,000. Once completed, the new complex should have approximately as much square footage as the Empire State Building.
“We’ve reached a point where we have really finished rehabbing all of the existing buildings at the yard, and we’ve been over 99 percent leased for the past decade,” said Clare Newman, chief of staff and executive vice president of the development corporation. “There’s clearly demand out there, and we want to make sure we’re continuing to add space to support these manufacturing businesses and, most importantly, to support the kinds of jobs they create.”
