Brooklyn, New York – Evergreen Inc., New York City Economic Development Corporation (NYCEDC), and Association for Neighborhood Housing and Development (ANHD) announced closing on 500 Stagg Street in East Williamsburg, which includes 10,000 square feet of industrial space to be leased at affordable rates for local industrial businesses and manufacturers.
Evergreen’s acquisition and renovation of 500 Stagg St. represents $6.85M in total development cost and will make way for at least 20 full-time jobs. The financing for the project was made possible in part through a $4.8M grant provided through NYCEDC’s Industrial Development Fund (IDF), a citywide initiative that provides low-cost financing to developers for creating affordable industrial spaces which provide quality job opportunities. An additional $650,000 grant was provided by New York State Empire State Development through their consolidated funding program.
An additional $60,000 grant for pre-development was provided through the Urban Manufacturing Accelerator Fund – an initiative of ANHD and Citi Community Development – which provides capacity-building technical assistance and grant funds to nonprofit developers interested in building out industrial spaces.
“We are proud to have provided almost $5 million to Evergreen for its acquisition of 500 Stagg St., which will create affordable space for small businesses and bring new, good-paying jobs to the North Brooklyn community,” said NYCEDC President and CEO James Patchett. “This grant was provided through our Industrial Development Fund and is just one of the many successes of the City’s Industrial Action Plan. We look forward to supporting even more entrepreneurs and growing business districts through this initiative.”
Since the City’s Industrial Action Plan was released in 2015, four non-profit developers including the Evergreen Exchange have received $41M through IDF. Other developers who have been provided grant assistance include the Greenpoint Manufacturing and Design Center, Mutual Housing Association of New York, and the Greater Jamaica Development Corporation. In total, these projects will create or preserve close to 250 quality, good-paying jobs.
|About Evergreen Inc.: Your North Brooklyn Business Exchange|
Founded in 1982, Evergreen: Your North Brooklyn Business Exchange (“Evergreen”) is a nonprofit membership organization that champions manufacturing, creative production, and industrial service businesses in North Brooklyn and other industrial business zones (“IBZ”) within the borough. Evergreen connects businesses with direct technical assistance, opportunities, and advocacy to help create and maintain high-quality jobs at all skill levels.