New York City Mayor Michael Bloomberg, in a recent weekly radio address, once again called for the city to rezone Midtown East to allow for new development of more modern office space. Allowing new construction in the area would help relieve traffic congestion around Grand Central Station and would help the neighborhood develop a competitive edge with other growing parts of Manhattan, especially in the availability of Midtown office space, he said.
TheRealDeal.com recently reported Bloomberg’s push to rezone the area. Currently no new office buildings can be built in Midtown East. If Bloomberg gets his way, the rezoning would allow a limited amount of modern office space development. New office space in New York, especially in Midtown, continues to be difficult to find.
Will the Rezoning Plan Cost Be Picked Up By Developers?
Supporters of the rezoning plan point out that the costs will be picked up by developers, and not the city’s taxpayers. Bloomberg says it will bring more businesses, and more jobs, to the area and will help to relieve the commuter traffic at Grand Central.
The mayor is continuing to try to bolster the city’s economy by making it attractive to new businesses. He is spearheading an effort to turn the Big Apple into a tech hub, and several companies, including Silicon Valley-based Google, have created an East-Coast presence in the city. The interest in growing the tech sector in New York City is part of Bloomberg’s strategy to diversify the city’s economy, which is currently primarily tied to Wall Street. With the interest continuing to grow, Corporate Suites is plenty prepared with its supply of coworking spaces, meeting spaces, and office suites.