9 Funding Alternatives for Brooklyn Bridge Park Announced and Its Impact on Fulton Ferry Residents

Brooklyn Bridge Park announced that it hired Bay Area Economics to analyze nine different alternatives to fund park operations. The Committee on Alternatives to Housing hired the consultant to also review community input from public hearings.

The nine areas include a Business Improvement District or Park Improvement District, fee-based recreation, events, concessions revenue, real estate, advertising, fundraising, revenue from the Watchtower properties and parking revenue.

Bay Area Economics will be paid $100,000 to figure out how to finance the park's estimated $16.1 million budget for maintenance costs. Some of Bay Area Economics' previous clients include Disney Development Company, California Debt Advisory Commission and the National Park Service.

One of the park's primary goals is to be self-sustaining, but many residents oppose the idea of funding the park through housing. Pier 1 development plans include a hotel with 225 rooms and 150 residential units according to Brooklyn Bridge Park .

This could stimulate business, but also bring increased traffic and increase housing costs. Bay Area Economics is going to continue to research possible options. The press release can be read here.

Sources
http://www.brooklynbridgeparknyc.org/uploads/files/ae3b4739-d6f6-4dbf-afda-69613053ff4b-12-20-10-bbp.pdf
http://www.bayareaeconomics.com
http://www.brooklynbridgeparknyc.org/progress/project-development