1000 Dean Street
Transformation of three vacant structures creates a hub for small, creative businesses and brings significant economic activity to the Crown Heights neighborhood of Brooklyn, NY.
The 1000 Dean Street project consists of the conversion of three contiguous vacant buildings to provide approximately 100 local small businesses with affordable office space, including a variety of tenant-types such as start-up companies, designers and artists, and a food hall and events space that will showcase local food purveyors, artists and entertainers.
The three rehabilitated and repurposed structures include:
- A four-story building, originally constructed as the service building for the nearby Studebaker showroom, provides affordable workspace for creative professionals.
- A single-story structure with a raised loading dock area houses event space to be used by local non-profits, community groups, schools and residents.
- A single-story, garage-like structure repurposed as a food hall. 1000 Dean Street is a center for synergistic, creative businesses that has a significant trickle-down effect on the local community not only in terms of economics but social vibrancy and other quality-of-life measures.
- Create 175 construction jobs and 425 jobs at tenant-businesses.
- Provide goods and services through a diversity of small-business tenants to low-income residents including education, healthy foods, arts and culture as well as technology, architecture and design.
- Provide tenant businesses with flexible lease rates.
- Attract minority- and women-owned subcontractors and tenants.
- Create environmentally sustainable outcomes by incorporating smart growth principles into the transit-oriented redevelopment and remediating environmental contamination.
- Serve as a catalyst to invigorate business activity in Crown Heights, a neighborhood that has historically lacked private and public investment, and support non-profit community development groups.
KEY COMMUNITY DEMOGRAPHICS:
- Poverty Rate: 31.1%
- Median Family Income: 49.8% of benchmark
- Unemployment Rate: 3.31 times the national average
- FEMA Disaster Area
- Total Project Cost: $27.4 million
- NCF Deployed Allocation: $15.0 million
- Total NMTC Allocation: $26.0 million
- United Fund Advisors (National Community Fund I, LLC)
- New York City Economic Development Corporation
- Waveland Community Development, LLC
- Goldman Sachs, Brownstoner Media LLC
- BFC Partners