Brooklyn Bridge Park Development Corporation President Regina Meyer tells the Brooklyn Eagle, Brooklyn Bridge Park will become reality:
Citing updated construction costs and actual data, Ms. Myer said the funds are in hand for the development of Pier 1 (off Fulton Ferry Landing) and Pier 6 (off Atlantic Avenue), as well as part of Pier 5, which will be the major site for sports activities, and that 6½ acres of park will be ready by the time this year ends. Pier 5 is expected to be fully built out by 2013, when the connecting upland stretch will also be finished.
She acknowledged that the development of Piers 2 and 3 would have to wait for further funding when the economy improves. She likened the situation to that of Hudson River Park, which has developed in stages, doing “as much as we can with the available cash.”
What’s left out of that article is that the dream comes with a new price tag according to the Brooklyn Paper:
The price tag for the 1.3-mile strip of waterfront housing and open space along the Brooklyn Heights and DUMBO waterfront is now $347 million — up from an original budget of $150 million in 2002. And the cost for annual upkeep inched to $16.1 million, up from a projected $15.2 million, according to sources briefed after a meeting on Monday of park planners.
The new figures come to light just as development officials were forced to admit that their principal sources of revenue — a hotel and roughly 800 units of luxury housing inside the park’s footprint — had been postponed.
There will be a public hearing tomorrow at 6 p.m. in the Dibner Auditorium of NYU-Polytechnic University, 5 Metrotech Center.