NYC's Economic Development Corporation Prioritizes Life Science Over Housing at Kips Bay
Alexandria's Life Science Campus Proposal
The Economic Development Corporation (EDC) is seeking to establish a new Life Science campus on city-owned land in Kips Bay, despite demands for housing. The site, with attractive East River views, will not accommodate residential units.
Plan Details and Community Reactions
- EDC plans a partnership with private developers to construct life science facilities.
- A new educational building for Hunter College and CUNY's Graduate School of Public Health is also included.
- Community feedback highlighted the city's pressing housing crisis, questioning the absence of housing in the project.
Mayor Adams' Stance
Mayor Eric Adams signed an executive order directing city agencies to assess opportunities for affordable housing. According to the EDC, the decision to exclude housing stems from limited space and a focus on job creation.
Economic Implications
The EDC's rezoning application could generate $42 billion in economic impact and create 3,100 jobs in the life science sector over 30 years. However, recent market analyses suggest a downturn in demand for lab space.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.