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Committee endorses Pier 70 term sheet; staff say environmental review and entitlements will take years
Summary
The committee endorsed a term sheet with Forest City for the Pier 70 waterfront site, describing a multi-phase plan that could add roughly 1,000 housing units, significant office and creative space, parks and infrastructure; fiscal analysis found the project fiscally feasible for environmental review but flagged roughly $98M of feasibility gaps for certain placemaking parcels and parking.
The subcommittee endorsed a term sheet that sets high-level business terms between the city and Forest City for redevelopment of a roughly 28-acre portion of the Pier 70 waterfront.
Emily Lask (Office of Economic and Workforce Development) framed the project against the port's Pier 70 preferred master plan: priorities include preserving historic resources, creating waterfront open space and recruiting creative and job-generating uses. Forest City's Jack Sylvan described a mixed-use concept with a creative core, historic rehabilitation,…
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