Use of marine terminal as auto cargo processing facility approved after lease term reduced. On June 29, 2006, the City Council approved a lease submitted by the Economic Development Corporation and the Department of Small Business Services for 74 acres of the South Brooklyn Marine Terminal, an 88-acre Brooklyn waterfront parcel spanning from 29th to 39th Streets and 2nd Avenue to the Gowanus Bay.

Currently used for parking and storage, Axis Group, Inc. would develop and operate, within the first five years of the lease, a vehicle processing facility responsible for 95,000 vehicles per year. The EDC originally proposed a 20-year lease term with two five-year options and required conversion of the property to a container port facility by the end of the lease term. The EDC planned to invest $24 million to add to Axis’ $12 million investment to improve and maintain the site. (more…)