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Leader 🦁, Advocate ✊🏾, NYC Realtor® 👨🏾💼🏠 serving Manhattan🗽and the surrounding markets 🌉

Coney Island, once famed for its vibrant amusement parks and beachside leisure activities, is in the midst of a pivotal transformation towards becoming a more residential neighborhood. This transformation, rooted in plans first proposed by urban planner Robert Moses in the 1950s, has seen a resurgence in recent years with the construction of numerous large-scale apartment developments along Surf Avenue. These projects aim to inject new life into the area by providing affordable housing options in a city grappling with a housing crisis. Despite the potential benefits, the transformation has sparked fears of gentrification among longtime residents concerned about being priced out of their community. Significant to this redevelopment effort is the construction of several affordable housing projects intended to support a population where 24% live below the poverty line, higher than Brooklyn's overall rate. The latest of these projects, a 12-story tower at 1709 Surf Avenue, exemplifies the shift towards residential use, offering 430 units of affordable housing. This move towards residential development is also marked by the inclusion of market-rate housing and amenities that aim to make Coney Island a more attractive place to live year-round, countering its seasonal appeal. The transformation has been facilitated by changes in zoning laws, including a 19-block rezoning in 2009 that expanded the housing zone westward and allowed for taller developments. Despite these changes, efforts to maintain Coney Island's identity as a "people's playground" continue, with proposals like a new $3 billion casino by Thor Equities, highlighting the ongoing tension between new development and preserving the area's historic and recreational value. As Coney Island evolves, it stands at a crossroads between its past as an amusement destination and its future as a residential community. While the developments offer hope for economic revitalization and more housing opportunities, the challenge lies in ensuring that this transformation benefits all residents, preserving the unique character and inclusivity that have long defined Coney Island. #ConeyIslandRenaissance #UrbanRenewal #AffordableLiving #CulturalPreservation #CommunityConcerns #NewYorkUrbanism https://lnkd.in/e69_scsp

After a lull, Coney Island adds a half-dozen new apartment towers

After a lull, Coney Island adds a half-dozen new apartment towers

crainsnewyork.com

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