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AECOM—one of the city's largest construction and engineering firms—has presented a plan to develop a 45,000-unit residential neighborhood, a new subway connection, multi-acre parks and flood protections at Red Hook’s low-lying waterfront.
If developed, the neighborhood would easily dwarf Battery Park City and Hudson Yards. Much of the plan’s housing—25% of which would be affordable—would be located in a dozen residential towers, Crain’s reports.
The Brooklyn sites are owned by the Port Authority of New York and New Jersey and the city, which is most likely why AECOM plans to have proceeds from the sale or long-term lease of the land to developers and funds generated from revenue streams such as real estate taxes go toward upgrading infrastructure and extending the 1 subway line with a new tunnel.
The plan also includes three new subway stations: one at Atlantic Basin near the container terminal, another at the Red Hook Houses, and one at Fourth Avenue that would connect to the F and G lines.
The company announced the proposal—which was crafted by AECOM SVP and former Port Authority executive Chris Ward—at the NYU Rudin Center for Transportation, with Chris stressing the city’s quickly growing population necessitated a housing plan.
However, the plan is still vague, lacking key details like development and infrastructure cost, expected revenue or coordination strategies. Three different scenarios for funding were proposed, but all of them required other funding sources.
"This is meant to be a starting point for a conversation," Chris said, adding that the 1 subway extension could cost as much as $3B by itself. [Crain's]
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