Once the home of one of our country's busiest ports, the Red Hook section of Brooklyn declined over the years with large container terminals added on the Jersey side of the harbor.

Now the city will be revitalizing a 122 acre stretch of the Brookjyn coastline into a vibrant mixed use community with housing, retail, green space and a modern port.

It's all the result of the city's largest real estate transaction in 20 years and involved a land swap between the city and Port Authority, giving the city full control of the Brooklyn Marine Terminal. In return the Port Authority will be taking city land in Staten Island.

In the past, there's been a number of attempts to redevelop this section of Brooklyn's waterfront, building off the successful new waterfront park.

The difference now, the land will be controlled solely by the city.

I'm Rob Walsh with the Business Spotlight on WCBS 880 News.