January 9, 2020 Comments Off on Brooklyn Hospital Plans Sell-Off to Fund Redevelopment Views: 738 New York News, Outer Boroughs New York

Brooklyn Hospital Plans Sell-Off to Fund Redevelopment

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Amid financial pressure and increasing capital needs, the Brooklyn Hospital Center wants to redevelop its downtown Brooklyn campus and sell large parcels of its site to finance the project.

The Wall Street Journal reported that the hospital plans to submit initial paperwork to seek rezoning for the entire square-block site. An early version of the proposal has the hospital selling off about two-thirds of its 5.5-acre property adjacent to Fort Greene Park for residential and commercial use.

Gary G. Terrinoni, the hospital’s president and CEO, said the goal is to enable Brooklyn residents to remain in the borough for quality care. “We’re trying to use our own assets to put us in a better situation for the community we serve,” he said.

Hospital officials estimate they’ll need $1.2 billion for redevelopment. The construction of the new hospital would take place in stages over a 10-year period.

Read more at WSJ

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