** At Pier 6 in Brooklyn, it’s green versus green in the battle of planned real estate development near Brooklyn Bridge Park. On one side are community members committed to preserving green spaces; on the other is the city-controlled Brooklyn Bridge Park Corporation (BBPC), which seeks to raise Park funds by building two residential towers on Pier 6. The beef is long-brewing, but its latest skirmish centers around BBPC’s recent rejection of an alternative financing plan by the People for Green Space Foundation (PGS) that would derail the Pier 6 project. As PGS sees it, funding can be secured by leveraging potential tax revenue increases from existing real estate around the Park. “The tremendous and ongoing appreciation in area real estate prices provides the [corporation] an opportunity to keep more of this immensely popular park … as park space for everyone,” says PGS’ Lori Schomp. Her group sued the park this summer and secured a recent injunction to block the corporation from choosing a future developer. Unsurprisingly, BBPC does not agree — and suggests the activists’ financial report overestimates future revenue growth and potential fund-raising revenues to the tune of $30 million. “Without this new construction, we could go broke in 10 to 15 years,” Regina Myer, the corporation’s president, told Crain’s. With the injunction still in place, this debate is far from resolved. ** nypost/2014/12/24/the-5-most-controversial-developments-brewing-in-nyc/
Posted on: Sun, 28 Dec 2014 23:23:37 +0000
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