Inside the $1 Billion 'Hipster Mega-Project' at Brooklyn's Sunset Park

Henry Melcher reports on the massive investment plans for Industry City in Sunset Park, Brooklyn.

1 minute read

April 17, 2015, 9:00 AM PDT

By James Brasuell @CasualBrasuell


According to Henry Melcher, the team behind Chelsea Market—Jamestown Properties, Belvedere Capital, and Angelo, and Gordon & Co.—will invest "$890 million into the complex, turning it into a so-called 'innovation hub,' creating more than 13,000 on-site jobs over the next 12 years." The investment follows a $100 million in 2013, which helped lease 850,000 square feet of the property.

Melcher adds: "When complete, two-thirds of Industry City will be geared toward 'innovation,' while the rest of the complex would house academic institutions, warehouse facilities, and retail. There are also plans for a hotel and a significant new surface level parking lot at the site."

Melcher also quotes Industry City CEO Andrew Kimball in countering characterizations of the project as a "hipster mega-project" when announced in March.

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