The Brooklyn Tech Triangle could become the next Silicon Valley -- if the strategic plan to bolster the emerging tech hub comes to full fruition. The plan was developed over a six-month period by a multidisciplinary team led by WXY Architecture + Urban Design and the Brooklyn Tech Triangle coalition (Downtown Brooklyn Partnership, the DUMBO Improvement District, and the Brooklyn Navy Yard Development Corporation). The Tech Triangle is projected to bring immense growth to the local economy as soon as 2015.
In 2012, local tech and creative firms participated in a study conducted by the coalition that revealed the Triangle's potential for economic impact and innovation. The Triangle contains Downtown Brooklyn, DUMBO, and the Brooklyn Navy Yard.
Key objectives in the strategic plan include enhancing workforce development, increasing availability of affordable real estate, improving infrastructure and transportation routes, and public-space creation. In summation, the plan aims to attract more startups to set up shop and allow current businesses to grow.
If all goes well, the revived Brooklyn Tech Triangle can become a new model for NYC's economy and the next generation of tech hubs. For starters, the Triangle is expected to bring in at least $3 billion annually to New York's economy and will support nearly 18,000 direct jobs and 43,000 indirect jobs in tech-driven businesses. The strategic plan also mentions additional workspace up to 4 million square feet will be needed by 2015, considering the 523 "innovative firms" already based in the Triangle and that many more are looking to relocate there.
However, the plan could easily be stifled by several factors that would cause firms to invest elsewhere, like a lack of office space, job training, support from government, and other economic resources.
So far, it looks like the plan has garnered plenty of attention and local support since its recent release this past June. To read the complete plan, click here.
Do you support the strategic plan? Share your thoughts in the comments below.
Photos courtesy of The Brooklyn Tech Triangle and WXY Architecture + Urban Design