Former Navy warehouse to be retail/light manufacturing. EDC chose a joint venture comprised of Time Equities Inc. and the Brooklyn Economic Development Corporation to convert a 1.1-millionsquare- foot former Navy warehouse between Second and Third Avenues and 30th and 32nd Streets in Sunset Park, Brooklyn. The details released by EDC state that under the conversion plan, the eight-story building would contain retail on its lower floors with light industrial uses above at a total development cost of $205 million. A 100,000-square-foot accessory parking facility would be constructed next to the site. Time Equities and the Brooklyn EDC agreed to provide a 10,000-square-foot onsite day care center, a gym and food service as incentives for businesses to relocate to the site. The plan calls for the federal government to transfer the property to the EDC for its eventual disposition to Time Equities and the Brooklyn EDC.

EDC Press Release: NYC Economic Development Corporation Selects Time Equities and Brooklyn Economic Development Corporation to Redevelop Federal Building #2 in Sunset Park,May 23, 2007.