Interest to Build Along the Gowanus Canal Following Rezoning Remains Strong Among Developers

Brooklyn’s toxic Gowanus Canal waterway continues to attract the interest of developers since rezoning was approved by the city in November 2021, putting the area “on track to deliver its promised housing years ahead of schedule” with more than 8,000 residential units in the works and the “toxic waterway on its way to becoming a public amenity.” However, some of the filed projects have yet to secure financing, and a “completion deadline for the 421a tax break essential to all the multifamily development planned;” and although Governor Hochul recently announced an alternative tax study for Gowanus projects, “insiders say getting it will not be a walk in the park.”