A $2.3 billion mega tree project will require a $1.3-billion public-sector partnership, according to a report from the New York City Department of City Planning and Development.
The $2,100-per-acre project is part of a $4.5 billion plan to transform a block of land in Manhattan’s East Village into a park, housing and recreational space for people of all ages and abilities.
The project will create more than 1,000 housing units, a playground, a new library, a community center, and an art space.
The report says that while the project is expected to create nearly 1,800 permanent jobs, the majority of the jobs will be onsite and not on site-based jobs, such as restaurant and hotel workers.
“While the total project is projected to create 1,200 permanent jobs and 1,400 on-site jobs, there is a possibility of overstretching the initial target number of permanent jobs.
The total construction project will add about $500 million in additional costs and additional construction time to the project,” the report states.
The city will pay for the project with $3.5 million from a “public-private financing” agreement, with $2 million from the federal government.
The department expects that the new park will cost $5 million to build.
The new library will be funded with $500,000 from the city’s Community Foundation and $400,000 through the New Jersey Transit Corporation.
A public-transportation project to connect the area with the train station is estimated to cost $1 billion.
The public-space plan will be reviewed for its design and cost, but the city expects to have a design by year’s end.
The Department of Parks and Recreation says the new development will bring $2 per resident to the city.
“In total, the total investment will create an estimated 1,150 permanent jobs,” the department said.
“The new development is expected by year-end to create an additional 1,100 permanent jobs.”