Brooklyn’s Industry City to Get $1 Billion Modernization

A late 19th century industrial complex on New York’s Brooklyn waterfront is slated for a $1 billion makeover that aims to transform the property into a modern hub for manufacturing and technology.

The owners of Industry City, Atlanta-based Jamestown and its partners, plan to invest about $890 million over the next 12 years, and anticipate tenants will put in about $150 million of their own money, according to a proposal announced Monday. The project will create one of the largest centers for the “innovation economy” in the U.S., and one of New York’s biggest engines of job growth, said Andrew Kimball, chief executive officer of Industry City.