Developers can now invest in wetland mitigation to offset unavoidable and permitted impacts of waterfront construction projects. The first opportunity will be a project to protect and enhance over 50-acres of the City’s wetlands at the Saw Mill Creek Marsh on Staten Island’s West Shore.

New York City Economic Development Corporation (NYCEDC), in partnership with NYC Parks, released a request for expressions of interest in the pilot project. The restoration will generate “Credits” of required mitigation that can be used to offset impacts of waterfront construction projects. The Saw Mill Creek Pilot Wetland Mitigation Bank aims to catalyze public and private funding for large-scale wetland restoration at one single location.

“The restoration of over 50-acres of tidal wetlands will create hundreds of jobs and revitalize the City’s waterfront, while accelerating future development projects,” said James Patchett, president and CEO of the New York City Economic Development Corp.

For comments, questions or concerns, please contact Bendix Anderson

Get CRE News in 150 words