(Read more on the industrial market.)

BROOKLYN, NY-Time Equities Inc. and the Brooklyn Economic Development Corp. have been pegged to redevelop Federal Building #2 here. The New York City Economic Development Corp. appointed the joint venture to work on the 1.1-million-sf building that is one of the city’s first mixed-use light manufacturing and retail locations. The project will cost $205 million.

Federal Building #2 is situated between Second and Third avenues and 30th and 32nd streets in Sunset Park here, and sits on a 314,000-sf parcel. The JV has proposed to redevelop the eight-story building for light manufacturing use on the top floors and retail showrooms on the bottom floors. Additionally they will build a retail center and adjoining 100,000-sf parking lot.

As part of the redevelopment efforts, the JV has plans for a number of green elements to be incorporated into the facility. A green roof, solar power and high performance windows will be installed.

The completed project will offer both rental and condominium units and the local government is offering economic incentives to business willing to relocate to the facility. Small manufactures, requiring about 10,000 sf, will be targeted for tenancy. Additionally, the JV has promised to allot 10,000 sf for a rent-free daycare center. A fitness center and food service options will also be offered.

“This is another giant step toward realizing Mayor Bloomberg’s commitment to creating an environment that encourages important industrial businesses to remain and grow in New York City,” says New York City’s EDC president Robert Lieber. “This project, coupled with our efforts to revitalize the Bush Terminal Complex and South Brooklyn Marine Terminal, will significantly increase the Southwest Brooklyn Industrial Business Zone’s portfolio of state-of-the-art, affordable industrial space and make Sunset Park a haven for light manufacturing for years to come.”

According to a release on the redevelopment, the project will create 1,285 full-time jobs and 2,000 construction jobs. It is expected to create $44 million in tax revenue in 25 years.

“We look forward to working with Times Equities to bring back to life a vacant site to create a vibrant center that will provide critical space for small manufacturers as well as jobs and retail services for the Sunset Park community,” says BEDC president Joan Bartolomeo, in the statement.

Federal Building #2 was built in 1916 and was initially a warehouse for the Department of Navy. According to Port Authority of New York and New Jersey information, the building was last occupied in 1998 and much of the exterior and interior of the building has deteriorated from neglect. New York City’s EDC first issued a request for proposals in December 2005.

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