Atmospheric CO₂ in April 2023 reached a staggering 424 parts per million (ppm). 2023 was also the hottest year on record. The Atlantic Thermohaline Circulation, crucial for moderating the global climate, is showing signs of weakening. Sea levels continue to rise at an accelerating rate...
These trends will increasinglly have profound economic impacts on cities worldwide. For NYC, Sandy was just a tease. NYC is predicted to have more frequent severe weather, coastal flooding, soaring infrastructure repair costs, unusable subway lines, spiking energy demand, healthcare demands, and an influx of climate migrants...
Invent City is a proposed framework to transform the Financial District (FiDi) into a carbon neutral city and marketing engine.
NEOM (Saudi Arabia), Telosa (somewhere in the US), Forest City (Malaysia), Masdar (UAE), and Songdo (South Korea) offer intriguing concepts for new urban developments, but fall short in addressing the scale or specific challenges existing cities face.
GLOBAL STAGE — Wall Street, the UN. setting worldwide trends. |
xxxECONOMIC MELTING POT — From Wall Street to Silicon Alley, arts to academia. |
INNOVATION EPICENTER — Home to tech giants, startups, and cutting-edge research. |
XXXWORLD STAGE — Wall Street meets the UN, connecting cultures and economies. |
MEGA METROPOLIS — A bustling hub with a diverse 18 million-strong population. |
WORLD'S SECOND HOME — Over 800 languages, a testament to its global community. |
FINANCE CAPITAL — The nerve center of global banking and investment. |
MEDIA GIANT — Broadcasting NYC's vision for a sustainable future. |
TOURISM BEACON — Drawing 66+ million visitors to experience eco-innovation. |
INSTITUTIONAL LEADERS — Academia and non-profits Fostering tomorrow's leaders at top institutions. |
XXDIPLOMATIC HUB — The UN's home, driving global diplomacy and policy. |
ECONOMIC TITAN — As a separate country, economically NYC would be about 10th . |
Location, location, location is a golden rule. In contrast to FiDi is the now defunct IDCNY, a cautionary tale. Despite the grand vision of the mid-1980s to create a central marketplace for the design industry in Long Island City, the IDCNY failed to attract tenants and visitors, largely because the city and private developers didn't repect that golden rule, and IDCNY failed within a few years. In contrast, FiDi is as good as it gets.
BENEFITS TO BUYERS |
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Access to New Products and Innovations |
Market Research Opportunity |
Networking with Suppliers |
Product Demonstrations |
Industry Trends Insights |
Strategic Partnership Opportunities |
BENEFITS TO SELLERS |
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Direct Access to Potential Buyers |
Brand Visibility |
Product Launch Platform |
Immediate Market Feedback |
Competitive Analysis |
Networking Opportunities |
Market Trends Insight |
Lead Generation |
Sales Opportunities |
Strategic Partnerships |
Cornell Technion: Academic and a hub for innovation, fostering green tech startups and sustainable practices. Encourages technologies to address environmental issues, from reducing emissions to sustainable urban living. |
GI Climate Center: Advances research and development in healthy urban solutions. Focuses on improving quality of life and creating job opportunities for people from diverse backgrounds, offering educational programs and platforms. |
Navy Yards: A center of urban manufacturing and innovation located at the Brooklyn Navy Yard, housing over 500 businesses across 300 acres, including New Labs. |
Climate Innovation Hub at BAT: Provides prototyping, testing, and commercialization services. It includes workforce development programs and pilots technologies in the “Pilots at BAT” program. |
Street Parking Sheds: Inspired by NYC’s Open Restaurant Program's, sheds introduced during the COVID-19 pandemic. |
Taxpayer Parking Lots: These warehouse long-term development sites, generating sufficient revenue for property taxes in the interim. |
Alleyways and Narrow Streets: Historically rich yet often underutilized spaces within the urban landscape. |
Under the FDR: Between Whitehall Terminal and the Brooklyn Bridge, adjacent to the Seaport and part of the LMCR project. |
Public Spaces: Examples include Louise Nevelson Plaza, Alvin Garden, DeLury Square Peck Slip Plaza, and Coenties Slip Park. |
Privately Owned Public Spaces (POPS): Areas open to the public but privately owned and maintained. Part of zoning. Tracked by the MAS . |
Large FacilitieS: Winter Garden (Brookfield), Oculus (Westfield), Pier 17 (Hughes Corporation), Fulton Center (Westfield), the American Stock Exchange building (in redevelopment). | ||||||||||||||||
Educational Facilities: Pace University, Peck Slip High School, and the High School of Economics and Finance on Trinity Place are all examples. | ||||||||||||||||
Vacant Retail Space: This category tends to shift more quickly. Concentrations of vacant retail are found on Fulton Street and Nassau Street. | ||||||||||||||||
Vacant Office Space: FiDi's Insurance District and Finance East subdistricts (east of Broadway) have 35.4% and 24.1% vacancy respectively. In square footage, from a total stock of 42.5 million square feet of space, almost 12 million square feet is vacant. The lost income of local building owners from these vacancies exceeds $600 billion annually.
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COMPONENTS OF AN URBAN HUB |
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Micro Cargo — NYC's package deliveries are up nearly 100% in over six years. Urban Hubs will support the burgeoning micro cargo industry. Urban Hubs could also make NYC's Blue Highway happen. |
Micro Mobility — Citibike is just the start. Micro Hubs will provide comprehensive services like bike retail, rentals, recovery, and repairs, along with cargo bike rentals and secure parking. |
Micro Waste Stations — Let's face it, NYC has a chronic garbage problem. NYC lacks Chicago's alleyways. Urban Hubs would enable ongoing experimentation to address this problem. |
Public Toilets — Ever look for a loo in NYC? Tourists, delivery workers, and the homeless all need toilets. Public toilets would economically prudent . |
NYC's 520-mile shoreline positions it ideally for enhanced waterway use. Historically, Manhattan's ports and docks flanked both the Hudson and East Rivers. Now, the city aims to revitalize these waterways for cargo, aiming to reduce truck reliance, alleviate congestion, and improve air quality. Trucks, more so than smaller vehicles, accelerate road wear and tear, increasing the need for costly road repairs funded by taxpayer dollars.
The DOT and EDC have demonstrated their commitment by seeking proposals for this transformative initiative. However, what is essential, and what is part of the Invent City Urban Hubs proposal is micro cargo infrastructure to fulfill its ambitions. This inclues at Pier 11 .
Times Square's pedestrianization and the Open Streets Program are successful models of permanent and short term pedestrianization. Strøget in Copenhagen, Cat Street in Tokyo, Carnaby Street in London are a handful of examples worldwide. To enable enable pedestrianization, a powerful marketing district, and particularly large scale marketing events like a world's fair, Urban Hubs are needed to provide a variety of basic public services.
COMPONENTS OF THE PORTFOLIO |
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Catalysts (including Roundtables) — Action-oriented events (25 to 50 people) targeting specific industries that are the building blocks of a carbon-neutral economy. |
Competitions— To address specific challenges like excess waste, increased package demand, insufficient bike infrastructure, food insecurities, a move to use waterways for transit, and more. |
World’s Fair— Major promotional events for large audiences, potential powerful economic drivers. This World’s Fair will encourage and promote a carbon neutral future. |
THE APP — The app serves as a central hub for all content, linking all digital assets and providing users with in-depth content information through QR codes. The app is a powerful monetization tool not only during any micro world's fair or similar event but also for daily use as a neighborhood app in FiDi.
THE METAVERSE — Invent City's metaverse will transform sponsorship into a powerhouse of opportunity, offering a 24/7 global platform that seamlessly enhances physical exhibits. Sponsors can now unlock unprecedented reach and deepen customer engagement in a dynamic, interactive space. Dive into effective promotion and sales, and supercharge their marketing strategies to their fullest potential.
Attract Companies to Locate in FiDi — Carbon Neutral marketing from around the world. |
Increased Tax Revenues — Drives direct employment with new company setups. |
Significant Job Growth — Drives direct employment with new company setups. |
Support Sector Boost — Enhances job opportunities in support, dining, and retail sectors. |
Economic knock on — Enhances job opportunities in support, dining, and retail sectors. |
Surge in demand for vacant office space — Increases property values and tax revenues. |
Provide Tourism Boost — Attracts high-value business tourists. |
Fuel a Retail Upsurge — In retail and dining sectors in FiDi. |
Enable Infrastructure Savings — Reduces costs through decreased truck traffic. |
Enhanced Air Quality— Improves air quality by reducing traffic. |
Mental Well-being— Reduces stress and boosts mental health with less noise. |
Increased Safety— Reduces traffic accidents, enhancing public safety. |
Community Engagement— Boosts engagement in car-free areas. |
Healthier Lifestyles— Encourages physical activity for better health. |
Vibrant Local Culture — Promotes local culture through events and markets. |
Cities, especially New York City, demand daring, inventive strides forward—no more business as usual. Propelling FiDi into a carbon net-zero zone epitomizes such audacity. Backed by a constellation of IC Local Hubs, a carbon-neutral FiDi promises to elevate living standards for its dwellers and workforce, boost the local economy—including real estate values—and stand as a pivotal countermeasure against climate threats. Pre-COVID, NYC was already lagging behind global powerhouses like Shanghai or Paris, and even within the U.S., it watched its financial prowess drain towards South Florida.
The era of resting on historical achievements is over. Kathryn Wylde points out that the city is navigating through a period of significant transformation. NYC faces a choice: stagnate in the comfort of the familiar or surge ahead, leveraging the enormous potential benefits of a carbon net-zero economy for both quality of life and economic growth. Hank Gutman, former DOT Commissioner, reminds us that today's decisions sculpt tomorrow's New York.
It's time for action. As we approach 2025, marking 400 years since the land's original acquisition from the Lenape and the birth of New York City in what is now FiDi, the moment couldn't be more opportune. Let's lead with bold plans and take charge in the climate conversation. NYC is poised to redefine its economic landscape and enhance its living standards. The time is now. Let's not just make plans—let's make history. Thank you.
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