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New York City 2017 Progress Report NEW YORK CITY REGIONAL ECONOMIC DEVELOPMENT COUNCIL MEMBERS

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New York City 2017 Progress Report NEW YORK CITY REGIONAL ECONOMIC DEVELOPMENT COUNCIL MEMBERS State of the Region: New York City 2017 Progress Report NEW YORK CITY REGIONAL ECONOMIC DEVELOPMENT COUNCIL MEMBERS New York City Regional Co-Chairs Winston Fisher Partner, Fisher Brothers Cheryl A. Moore President & COO, New York Genome Center Appointed Members Stuart Appelbaum Nick Lugo President, RWDSU President, New York City Hispanic Chamber of Commerce Wellington Chen Ashok Nigalaye Executive Director, Chinatown Partnership President & CEO, Epic Pharma LLC Marlene Cintron Carlo Scissura, Esq. President, Bronx Overall Economic Development President & CEO, New York Building Congress Corporation Douglas C. Steiner Cesar J. Claro Chairman, Steiner Studios President & CEO, Staten Island Economic Development Marcel Van Ooyen Corporation Executive Director, Grow NYC Carol Conslato Peter Ward Co-chair Queens Chamber of Commerce Foundation President, New York Hotel and Motel Trades Council Mike Fishman Sheena Wright Secretary-Treasurer, SEIU President & CEO, United Way of New York City Lisa Futterman Kathryn Wylde Regional Director, New York City, Workforce Development President & CEO, Partnership for New York City Institute Kinda Younes The Honorable Martin Golden Executive Director, ITAC New York State Senate, 22nd District Monique Greenwood Ex-Officio Members President & CEO, Akwaabe Bed & Breakfast Inns Alicia Glen Gail Grimmett Deputy Mayor of New York City President, Protravel International & Tzell Travel Group Ruben Diaz, Jr. Steve Hindy Bronx Borough President Co-founder and Chairman, Brooklyn Brewery Eric Adams Dr. Marcia V. Keizs Brooklyn Borough President President, York College Gale A. Brewer Kenneth Knuckles Manhattan Borough President President & CEO, Upper Manhattan Empowerment Zone Melinda Katz Development Corporation Queens Borough President Gary LaBarbera James Oddo President, Building and Construction Trades Council of Staten Island Borough President Greater New York Table of Contents I. EXECUTIVE SUMMARY ..................................................................................1 II. PROGRESS ..............................................................................................................5 State of the Region ...........................................................................................................7 Key Regional Focus: Life Sciences Cluster ................................................................17 Status of Past Priority Projects ....................................................................................19 Status of All Projects Awarded CFA Funding ...........................................................31 III. IMPLEMENTATION AGENDA ................................................................... 33 Growing the Life Sciences Industry Cluster in New York City .............................35 Supporting Industry and Educational Collaboration to Implement Workforce Development Strategies and Address the Skills Gap ......38 Update on Existing Regional Priorities ......................................................................46 Opportunity Zone Updates ..........................................................................................48 Additional Ongoing Initiatives ....................................................................................58 Proposed Priority Projects............................................................................................65 IV. WORK GROUPS ................................................................................................94 V. DOWNTOWN REVITALIZATION INITIATIVE ................................ 97 APPENDIX .................................................................................................................103 Photo credits .................................................................................................................151 This report was printed and produced in New York City on paper made in the state of New York. 2017 Progress Report PART ONE Executive Summary 1 State of the Region: New York City The New York City region has been awarded $400.4 million over six funding rounds to create and retain over 33,000 jobs and leverage $3.3 billion in private and other public investment. ew York City is the nation’s largest and most di- • The federal government is reducing funding for cities, verse urban economy. The entire state depends on placing more of the fiscal burden on state and local N the city as a critical source of economic activity, government to upgrade aging infrastructure, repair tax revenues and intellectual capital. The city looks to and replace deteriorating housing stock and to provide the state, in turn, to develop and maintain critical public adequate health and human services. infrastructure, high standards of education and workforce development, strong incentives for business investment The New York City Regional Economic Development and economic development, and a productive legal, tax, Council (REDC) has developed a strategic plan for and regulatory environment. inclusive economic growth and established project priorities to help New York state make investments and Today, New York City’s economy is strong. Employment policy decisions that effectively address these challenges. is at an all-time high and venture capital investment in It aims to ensure that New York City continues to grow the tech sector is surging. However, the city still faces a and prosper and that the benefits of prosperity are widely variety of fiscal and economic challenges, including: shared across its neighborhoods and diverse populations, especially where need is greatest. • Twenty percent of the population is living below the poverty line and requires city support for shelter, Through the REDC and Consolidated Funding Application health care and other services; (CFA) process, the New York City region has been awarded $400.4 million in the first six funding rounds. Funded • Nineteen percent of the population over age 25 lack a projects will create and retain 33,609 jobs and result high school degree and are generally not prepared for in more than $3.3 billion in private and other public jobs that pay a living wage; investment. In addition, since 2012, the REDC Executive Committee has endorsed approximately 155 Empire State • Other regions of the country and the world are Development (ESD) incentive offers for projects with a competing more aggressively for jobs, investment and projected value of over $4.5 billion that will create and talent that New York City needs to fuel its economy; retain nearly 107,000 jobs. • Rising costs make the city increasingly unaffordable In 2017, the REDC continued to conduct outreach to orga- for middle class households and the businesses that nizations, community leaders and elected officials across employ them; and the five boroughs to explain the work of the REDC and the 2017 Progress Report 2 CFA funding process and encourage a greater diversity of the North Shore, including Empire Outlets and the hotel, applications. This outreach has been particularly import- residential and retail development known as Lighthouse ant for introducing community-based organizations and Point. small businesses to the availability of state resources. The REDC also engaged with the statewide REDC network to With support of state planning grants, Long Island City, develop inter-regional relationships and to collaborate on Queens, has become a model for community engagement projects and policies that benefit the entire state. in planning for inclusive economic development and resi- dential growth. As part of this work, the Long Island City Here are a few examples of what has been accom- Partnership is implementing wayfinding and streetscape plished in the seventh year of the Strategic Plan: improvements. The Women’s Housing & Economic Development Since last December, when Governor Cuomo announced Corporation (WHEDco) received an ESD grant for $2 the state commitment to building a world-class life scienc- million for the development of the Bronx Music Hall, a es industry cluster, there has been a significant increase unique performing arts center, bringing an important new in business startups and venture capital investment. This amenity to the Bronx and employing 100 workers. Design builds on early stage public and private investments in work for the façade treatments, public plazas, interiors the Alexandria Science Center, the New York Genome and exhibits is being completed in the coming weeks. Center, the New York Stem Cell Foundation, the Excavation and site work has begun on schedule with Structural Biology Center and BioLabs New York. project completion expected by October 2019. For the coming year, priority projects across the five The Brooklyn Navy Yard has become an international boroughs that are recommended in this Progress model for a modern, urban industrial park. With the Report include: completion of the state-funded New Lab and Green Manufacturing Center, the Navy Yard has become a In alignment with the governor’s life sciences initiative thriving, advanced manufacturing cluster. Most recently, and its industry cluster plan, the REDC recommends with state support, the Navy Yard is implementing a assistance for two rapidly growing life sciences companies: tech-enabled, shuttle bus system to connect its employees Cresilon, a company developing a gel to rapidly stop and customers with mass transit options. bleeding; and Celmatix, a company working on solutions to fertility challenges. The REDC also recommends Support from the state’s
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