Adaptive Reuse and The Future of Retail
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When Jim Somoza first walked through Chelsea Market in 1994, he was blown away by the adaptive reuse concept. Years later, through a series of real estate transactions, Jim met Irwin Cohen, the visionary behind the project. He spent four years as president there, and is now applying those lessons at Industry City, turning 16 abandoned waterfront buildings into Brooklyn's largest mixed-use campus.
As Managing Director and Partner at Industry City, Jim has overseen the $450 million transformation that now houses 650 businesses—from blacksmiths and vinyl record stores to biotech companies and AI startups. But the real innovation is in how they solved the challenge that many warehouse-to-mixed-use conversions face: pedestrian circulation.
The buildings were designed for trucks, not people. Ground floors sat four feet above street level at loading dock height. Sawtooth loading docks forced trucks to back into streets at angles, creating safety hazards and blocking foot traffic. Jim's team had to completely reimagine how people move through industrial space.
Their solution, aptly named Innovation Alley, creates a pedestrian spine that cuts through five buildings, connecting retail, offices, and creative studios while keeping visitor circulation separate from upper floors. Combined with raised sidewalks and reconfigured loading docks, it safely opens the entire campus for foot traffic and community life.
Beyond the infrastructure, this conversation reveals how the relationship economy drives everything at Industry City. From fostering collaboration between tenants to creating experiences that attract visitors, Jim demonstrates why community is essential for competing with online retailers and Class A office buildings in Manhattan.
Episode Outline
(02:33) The "aha" moment at Chelsea Market that sparked a career in placemaking
(11:45) The through-line of Jim’s leadership style from broker to community builder
(19:12) Solving the loading dock problem
(22:57) A walkthrough of Innovation Alley
(25:21) Balancing vehicle circulation, parking, and pedestrian access across 16 buildings
(27:58) Convincing investors that placemaking generates higher returns
(30:24) Retail strategy beyond “location, location, location”
(37:31) Designing experiences that attract corporate leasing
(40:57) Jim advice for adaptive reuse in suburban office parks and industrial buildings
Additional Resources
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