Entitlement & Incentives: Economic Development

Prime Contractor: HDR
Client: New York City Economic Development Corporation
Date: January 2016
Location: New York, NY

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Situation

The City’s Economic Development Corporation is tasked with implementing the policies and goals issued by the Mayor’s office. HDR subcontracted Dr. Charles Warren to be part of a team of engineering, real estate, economic, and financial professionals providing ongoing services.

Goals

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• Evaluate, coordinate and optimize multiple initiatives involving real estate development, economic growth, infrastructure improvements, housing policy, and city and state legislation. Assist the EDC in maximizing impact and minimizing cross-interference of well-intentioned policies.

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Services

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• Dr. Warren worked with the EDC to understand the types of sectors, industries, and businesses that could provide the next generation of economic growth for the city and regional economy.

• Labor and Industry Analysis detailed the mix of end uses that will most likely result in a vibrant redevelopment and be required by major tenants and the target population. Pro formas developed for each component contemplated by the market analysis tested each component for its feasibility under real world lending, cost, and revenue conditions.

Results

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• The team assisted the EDC in organizing its policy priorities to rationalize multiple initiatives in an effort to coordinate timing and maximize impact.