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As part of the administration's “Freight NYC” initiative, the New York City Economic Development Corp. will release on Friday a request for proposal for a private partner to build an Urban Distribution Center totaling 500,000 square feet or more at the Brooklyn Army Terminal.
Valley Technology Centre has all the fundamentals including its considerable size, opportunity to add value, institutional quality and key Silicon Valley location that PCCP and Lincoln wanted.
The 38-mile $1.8 billion reconstruction of US 290 will be a bellwether of a new phase of growth for the corridor and Wolff Companies recently acquired 521 acres on the freeway for that very purpose.
This metro area has one of the lowest industrial vacancy rates in the nation, but developers and lenders currently seem reluctant to launch new projects.
“During the first half of the year, ongoing demand for strategic distribution locations helped drive rental rates to historically high levels,” says Colliers International's David A. Simon.