Community opposition to the proposed high-rise condo towers combined with the downturn in the real estate market has forced the Brooklyn Bridge Park Corporation to look for alternative funding for the new park. The residential high rises at the north and south sides of Brooklyn Bridge Park were budgeted to provide between $8 and $9 million.
The Committee on Alternatives to Housing, formed as part of the agreement to transfer park control from the state to the city, has hired the California firm Bay Area Economics. The firm will explore other sources to replace the revenue lost from not building the high rises.
Bay Area Economics has an expertise in military base reuse, and cites their work on the Presidio in San Francisco as their featured accomplishment. The California-based firm also has offices in Manhattan.
On the Bay Area Economics website, the firm claims to have pioneered “the use of survey research to target urban housing products, created innovative GIS tools for smart growth planning, and provided real estate advisory services to some of the largest revitalization and sustainable development efforts in the U.S.”
The firm also claims extensive work experience in “sustainable development, revitalization and economic development, affordable and workforce housing, public-private transactions, parks and community facilities, climate change planning, economic impacts and incentives.”