Largest structure in Brooklyn Navy Yard to get $60 million renovation

March 11, 2013 |
Drew Ballensky

The nonprofit Brooklyn Navy Yard Development Corp. says it will soon begin renovating the old military base’s largest structure, the 1 million sf Building 77. The project has landed an anchor tenant: a Brooklyn-based developer and entrepreneur who is taking over 240,000 sf for his own medical lab and to rent to other companies. The development corporation plans to spend $60 million to renovate the structure, money raised through the federal EB-5 program, which grants visas to foreign investors in local development projects, and state and federal tax credits.

All told, 1.8 million sf of space, including a green manufacturing center, will be redeveloped at the Navy Yard in the next few years. A few other spaces scattered throughout the site, including a Civil War-era hospital that developers envision as a media campus, are still available for renovation. There are also 20 undeveloped acres at the site that the corporation hopes will attract developers who want to construct new facilities.

(http://www.wsj.com/news/articles/SB10001424127887324678604578342672183089596)

Drew Ballensky | Reconstruction Blog

Drew Ballensky is general manager of Duro-Last Roofing, Inc.’s central U.S. facility in Iowa and company spokesman for Duro-Last’s cool roofing, sustainability and architectural education programs. He is past-president of the Chemical Fabrics and Film Association and chairman of CFFA’s Vinyl Roofing Division. Drew earned his bachelor’s degree in industrial technology from the University of Northern Iowa and master’s degree in business administration from Florida State University.
Drew has over 29 years experience in business and industry in various engineering and managerial capacities. He has worked in the U.S. and Canadian operations for a major international manufacturer of pre-engineered steel buildings, was a financial analyst with a major athletic apparel manufacturer and was an owner of a general contracting company.

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