Debate Over New Condos, Hotel in Brooklyn Bridge Park
With tensions mounting over the condos, a study was undertaken to determine whether the park could survive without the added revenue of the condos and hotel. Without the new development, the project would require $16 million in additional funding, which the report concluded wasn't possible:
"The report came out on February 22 and the alternatives included establishing a Park Improvement District. Other options included fee-based recreation and event facilities, concessions, commercial real estate, sponsorships, increased parking revenues, and grants. The report said the alternative options could bring in about $2.5 million to $7 million, far short of the $16 million needed."