Annual Report 2003
Keys to New York City’s Future
The New York Building Congress issued a draft publication in 2002 entitled A Development Strategy for New York City’s Long-Term Prosperity. Recognizing that the redevelopment of Lower Manhattan is paramount in the minds of most citizens and public officials in New York, the report recommends that other long-term and long-overdue development needs become part of a comprehensive strategy to ensure the City’s continued growth and competitive position in the national and global economies. To encourage discussion, the report lists several development areas considered keys to the City’s future.
Transportation and Infrastructure
Despite two decades of economic and population growth, the last major addition to transportation in New York City was the completion of the Verrazano Narrows Bridge in 1964. Further growth in the City’s economy and population will be seriously hampered without major investment in new transportation capacity, in public subway, commuter rail and bus systems and in improved highway and street capacity for passenger vehicles and goods movement.
Major Projects Development
There is a critical need for the implementation of new visions and strategies for development of large tracts of land that have either been abandoned or serve as storage yards, as well as large areas of vacant real estate throughout the City. These sites, such as the rail yards in Manhattan, Downtown Jamaica and Governor’s Island, offer potential for large-scale, multi-use development that can breathe life into underserved areas of New York.
Housing
Although the rate of construction of housing units in the City grew from 1995 to 2000, the 1990’s saw less than 100,000 units of housing built. At the same time, the City’s population grew by 685,000 and average household size increased, putting intense pressure on scarce housing capacity. Lack of supply, high demand, rising prices and less government subsidies have combined to create a crisis that must be addressed for the City to continue to prosper.
Waterfront Redevelopment
New York City has ample waterfront space for mixed use development but little progress has been made in redeveloping these areas for commercial, residential or recreational uses. Despite the completion of the Citicorp Tower in Long Island City, the larger development project proposed for Queens West has languished in the planning stages for more than fifteen years. And Battery Park City remains the sole achievement of development on either of Manhattan’s rivers during the past forty years.
Electricity and Communications
Years of growth and increased electric usage by both businesses and residents during the 1990’s occurred without any sufficient increase in the City’s electrical generating capacity. Official estimates call for between 2,000-3,000 megawatts (MW) of new capacity by 2006 to accommodate further growth in usage, to replace aging plants, and to assure price stability. In the recently deregulated electricity market, construction of new facilities rests with private companies who must seek State and Federal approvals for plant siting.
Cultural, Education and Medical Research Institutions
New York City’s preeminent arts and cultural facilities, together with great medical and educational facilities, are major contributors to the City’s economy and quality of life. Additional investment in and expansion of these facilities is an important component of the City’s long-term development strategy.
The New York Building Congress
believes addressing these development opportunities will produce major benefits in both the short- and long-term for the City’s economy, residents and businesses. Visit www.buildingcongress.com to see the complete draft report, A Development Strategy for New York City’s Long-Term Prosperity, or to send us your comments.
