The downtown area of Brooklyn will go through a huge transformation that will bring modernization and beautiful landscapes to the neighborhood and vibrant choices of entertainment. The Downtown Brooklyn Partnership is planning to modernize and improve the downtown area in Brooklyn. There will be new commercial buildings, luxury resident buildings, restaurants, art galleries and greenery. The Downtown Brooklyn transformation project is approximately five years long and is estimated to cost about $9.5 billion. At the completion of the entire project, there will be 14,300 new residential units, 1,800 hotel rooms, and 3.2 million square feet of commercial space.
• $9.5 billion
• 56 projects
• 14,300 new residential units
• 35,000 new residents
• 1,800 hotel rooms
• 3.2 million s.f. of commercial
The residents in Brooklyn have mixed feelings about this downtown transformation. On one hand, the transformation will bring more jobs and a more vibrant lifestyle to the area, but on the other hand, the neighborhood will lose its traditional values and culture and the cost of living in that area will skyrocket.
Here are two videos from New York Post that shows more information about the Downtown Brooklyn Partnership project and the feedbacks of the residents in Brooklyn.
Video 1: Brooklynites On Skyline
Video 2: New Downtown Brooklyn
New York Post has some photos of the Downtown Brooklyn projects.
I am planning to buy a property in the near future and though the downtown transformation looks attractive, the prices are very high. I will continue to monitor the real estate market prices and news in New York City.