As the city considers whether to rezone Gowanus and, perhaps, morph the gritty low-rise industrial area into a hot new neighborhood of residential towers (albeit at a fraction of the height of Manhattan's supertall buildings), DNAinfo reviewed property records along the canal to find out who stands to benefit most from the changes.While the single largest landowner is developer Property Markets Group, other landowners include Kushner Companies, Alloy Development, Two Trees, and Forest City New York.
Investors have poured at least $440 million into buying land on the polluted waterway and more than a third of the properties have changed hands in the past decade, according to an examination of records for the nearly 130 properties along the 1.8-mile canal.
Forest City's plans unclear
Forest City, the developers that brought the Barclays Center to Brooklyn, were early investors in Gowanus. In the early 2000s, FC considered building a mall and movie theaters, then an IKEA, before building the Lowe's that fronts the canal at Second Avenue and 10th Street. Once the home of a manufactured gas plant, the property underwent $3 million in environmental cleanup work before it was developed, according to press reports at the time. FC declined to comment on whether the company has plans to redevelop its property if Gowanus is rezoned.Presumably Forest City wouldn't pass up the value implied by the rezoning, so if they don't build, they could always sell.
A pending rezoning
Here's a link to the Gowanus Neighborhood Planning Study:
The Neighborhood Study aims to build off of Bridging Gowanusby developing strategies and recommendations to support the local economy and its mix of uses, while creating opportunities for new housing with affordable housing, where appropriate. The Study seeks to balance many interests and needs including economic and job development, housing, resiliency and sustainability, community and cultural resources, environmental remediation and urban form.