Work-live spaces will be created for young professionals in Manhattan.
It seems like 2013 is barely underway and already people are addressing the end of Mayor Bloomberg’s post in New York City (which runs until the end of December 2013). Up first? The Partnership for NYC.
The Partnership for NYC is a nonprofit organization comprised of New York City business leaders that are looking to strengthen the city’s economy and labor outlook. Comprised of a board that includes the CEO’s of Macy’s and BlackRock, the Partnership for NYC recently released their NYC Jobs Blueprint containing labor recommendations that could help guide the next mayor.
One of the most notable recommendations? Creating an urban campus to provide ‘flexible, affordable live-work spaces for the next generation of young professionals.’ The Partnership is even willing to provide seed money for the project.
The Partnership Fund, which handles the nonprofit’s investments, is willing to put up $20 million for the tech campus in the hopes that this model can foster greater growth for digital startups. Startup growth seems to have been limited thus far because with increased size comes greater overhead expenses (i.e. rent, utilities, etc) – disproportionately so in New York City. While new companies form everyday, if the existing ones never grow, labor force growth will be nonexistent.
Of the 220,000 businesses in the city, 195,000 or 88%, have fewer than 20 employees.
The plan suggested by the Partnership for NYC hopes to mimic Las Vegas’s successful startup model for entrepreneurs and tech startups by providing a campus that would:
include vertical live-work communities and “flex” work space for the growing creative, tech, health and advanced manufacturing sectors . . . [to incentivize] development of commercial and industrial space in mixed use zones that is affordable to growing companies.
While $20 million is a generous investment, the potential costs of such a project are staggering. Suggested sites for the project currently include Downtown Brooklyn, Sunset Park, the Long Island City waterfront, Staten Island’s north shore, and varied areas of the Bronx.
In addition to plans for the work-live spaces, the jobs report also includes an outlook on: financing infrastructure improvements with public-private investment, creating an organization to fuel New York’s innovation and knowledge economy, establishing industry-labor partnerships, and programs to reverse the erosion of middle class jobs.