Slate’s principal, David Schwartz, didn’t want to acquire the development site given the soaring land prices, and the landlord didn’t want to sell, so they teamed up.
Development sites in the Clinton Hill neighborhood presently sell for upwards of $300 per buildable square foot.
The project, located between Classon Avenue and St. James Place, will have 113 rental and condominium apartments spread across 80,000 residential square feet, with 15,000 square feet of retail and 1,200 square feet of community space on the ground floor. The building will also house a 55-vehicle underground garage.
The lack of grocery stores in the area has some residents nervous.
Although the developers said they might reserve space for a grocery store in the new building, the move has made some in the neighborhood anxious because it leaves few options for food shopping.
The partners hired Ariel Aufgang Architects to design the 120,000-square-foot building, which will be clad in a mix of brick, glass and panels, typical of new construction in the neighborhood.Aufgang also designed the nearby building at the former location of an Associated Supermarket at 490 Myrtle Avenue.
The prolific developer is also preparing to build a 157-unit apartment building at 1 Flatbush Avenue, where twenty percent of the residential will be reserved for affordable housing, with the bottom two floors holding 20,000 square feet of retail space.
The city gave the partners a go-ahead to demolish the one-story structure this week.
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