Tuesday, December 10, 2013

Mayor Going Out with a Boom - a Building Boom

The Bloomberg administration has been pushing through billions of dollars worth of new construction projects in its waning days, trying to solidify the mayor’s claim to having transformed the face of New York City and lock in plans before Bill de Blasio takes over January 1st. This week the city gave thumbs up to three massive residential development projects in Brooklyn, totaling nearly 9,000 apartments.

The City Council voted to green light a 20-acre, 10-tower "mini-neighborhood" on the Greenpoint waterfront, proposed by Park Tower Group.

The Greenpoint Landing project will add 5,500-units of new housing on the borough’s northernmost tip.

In an agreement, the developer will donate $5.5 million for the Newtown Barge Park, and agree that 431 of the 1,400 affordable units projected will be permanently affordable.

In exchange, the developer also received approval for construction of a 640-seat public school and permission to build a mix of affordable and market-rate housing on a parcel of city-owned land it will now control.

[See ElectricWeb | Blogger, Nov 7, 2013]
[See ElectricWeb | Blogger, Dec 28, 2012]

Meanwhile, the Council also signed off on the rezoning of the old Rheingold Brewery site in Bushwick, which Read Property Group aims to convert to a 10-building mixed-use complex boasting nearly 1,000 apartments.

The brewery redevelopment will create about 900 market-rate apartments, and 265 permanently affordable units.

The project will also include 54,200 square feet of ground-floor retail space and 504 parking spaces on a five-block area near the corner of Flushing and Evergreen avenues.

Another winner was Two Trees Management's redevelopment of the Domino Sugar refinery.

Community Board 1 passed a resolution approving the project with conditions. That decision came despite the board’s history of rejecting large development projects.

Two Trees' current plan would bring about 2,200 apartments, including 660 affordable units, to the Williamsburg waterfront.

The developer's $1.5 billion-dollar vision for the Williamsburg site calls  for massively tall and architecturally bold skyscrapers that would redefine Brooklyn’s skyline.

The iconic landmark of Brooklyn’s industrial past will be the centerpiece of an 11-acre mega project, creating a new neighborhood with 2,284 apartments, a public school and 630,000 sq ft of offices.

[See ElectricWeb | Blogger, Mar 4, 2013]
[See ElectricWeb | Blogger, Jan 18, 2013]

Construction is expected to begin early next year, bringing 3,500 jobs to the area.

The Domino site is possibly the most prominent piece of real estate in Brooklyn. It sits at the dead center of the Manhattan facing waterfront, and it is what drivers on the FDR Drive see. This has the opportunity to be what new Brooklyn says to the world.

Visit Our Sponsors

Page Views
Since October 1, 2011