New York City Economic Development Corporation Launches Mass Timber Housing Project on Stapleton
Deal News | May 12, 2025 | New York City Economic Develop
The New York City Economic Development Corporation (NYCEDC) in conjunction with Mayor Adams has announced the selection of developers for a transformative housing project on the New Stapleton Waterfront. Located at the intersection of Front and Canal Streets, this development will deliver over 500 housing units, with approximately 25% reserved for families earning 40-80% of the area median income. Utilizing mass timber, an engineered wood-based building material with a reduced carbon footprint, the project represents the first large-scale deployment of such construction methods in the Northeast United States. Part of the broader North Shore Action Plan, the development contributes to the conversion of a former U.S. naval site into a mixed-use, mixed-income neighborhood featuring residential units, retail space, a public school, and assorted community facilities set within expansive public open spaces. Recent activities in the initiative include groundbreaking for recreational centers, the securing of federal renovation funding, and enhancements to public waterfront access. Construction is projected to begin in 2027.
Sectors
- Real Estate Development
- Construction and Engineering
- Public Sector
Geography
- United States – The project and initiatives are taking place in New York City, reflecting significant domestic urban development interests within the United States.
- New York – Specific to New York City, this development forms part of city-wide efforts spearheaded by local governance and development bodies to transform urban infrastructure and deliver community-oriented projects.
Industry
- Real Estate Development – The article discusses a major real estate development project involving the construction of housing units, retail spaces, and community facilities on the New Stapleton Waterfront.
- Construction and Engineering – The adoption of mass timber as a construction material highlights the project's engineering aspects, aiming for sustainable and accelerated building processes.
- Public Sector – The involvement of NYCEDC and various public initiatives positions this as a significant public sector endeavor, focusing on urban redevelopment and community enhancement.
Financials
- $2.5 million – Federal funding secured for NYCEDC to renovate Pier 1, enhancing public waterfront access and amenities.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| New York City Economic Development Corporation (NYCEDC) | Organizer | Government | A key government entity involved in the planning and execution of the Stapleton Waterfront Project. |
| Mayor Adams | Initiator | People | Mayor Adams is involved in the announcement and advancement of the Stapleton redevelopment initiatives. |
| New York City Department of Parks and Recreation | Collaborator | Government | Collaborating on public space advancements as part of the North Shore Action Plan. |
| Dunkin | Concessionaire | Company | Selected as a concessionaire for the Staten Island Ferry following a competitive proposal process. |
| New York City Department of Transportation | Collaborator | Government | Involved in the concession selection and other infrastructure initiatives within the project. |
| U.S. Department of Housing Preservation and Development | Collaborator | Government | Engaged in the affordable housing aspect, selecting developer teams for related projects. |