Project Description

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 PROJECT:

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:

  1. A four-story building, originally constructed as the service building for the nearby Studebaker showroom, provides affordable workspace for creative professionals.
  2. 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.
  3. 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.
COMMUNITY IMPACTS:
  • 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
FINANCING:
  • Total Project Cost: $27.4 million
  • NCF Deployed Allocation: $15.0 million
  • Total NMTC Allocation: $26.0 million
PROJECT PARTNERS:
  • 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