NY factory to get new lease on life

Brooklyn project set to create one of the largest centers for 'innovation economy' in the United States

A late 19th century industrial complex on New York's Brooklyn waterfront is slated for a $1 billion makeover that aims to transform the property into a modern hub for manufacturing and technology.

The owners of Industry City, Atlanta-based Jamestown and its partners plan to invest about $890 million over the next 12 years, and anticipate tenants will put in about $150 million of their own money, according to a proposal announced on Monday.