Monday, August 22, 2016

Big Plans for Giant Office Tower Near Barclays Center

Brooklyn's largest construction site may soon begin rise at 580 Atlantic Avenue, a site directly across Flatbush Avenue from the Barclays Center. Greenland Forest City, the developers behind the $5 billion, 22-acre Pacific Park complex, once known as Atlantic Yards, are seeking to transfer development rights to Site 5, located across the street from the arena, in order to construct a 1.5 million-square-foot building – which would be the largest office tower ever built in Brooklyn.

If successful, the builders could erect a 1.5 million-square-foot office tower across from Brooklyn's largest transit hub at Atlantic Avenue, where nine subway lines and the Long Island Rail Road converge.

The tower, at 580 Atlantic Avenue (Site 5), would use up to 1.1 million square feet of air rights currently controlled by the developers in front of the Barclays Center — where the subway station, plaza and distinctive “oculus” feature on the arena are now located — combined with 439,000 buildable square feet currently allowed on Site 5

The plan hinges on securing state approvals to transfer the development rights from the triangular plaza framed by Atlantic and Flatbush avenues in front of Barclays Center to a site across Flatbush Avenue that is controlled by the developers and is now occupied by Modell's Sporting Goods and PC Richard stores.

P.C. Richard & Sons recently filed a lawsuit against Forest City Ratner over the eminent domain condemnation of its location. Greenland Forest City currently has the right to build a 440,000-square-foot office property on the site.

The plan for the office building will require an amendment to the General Project Plan for Atlantic Yards/Pacific Park, to be approved by the Empire State Development Corp., the state agency that oversees the project. An environmental impact statement for the building will be needed before construction can begin.

Greenland Forest City has presented its plan to both neighborhood and state economic-development officials as a way to preserve the open plaza space in front of the Barclays Center. The office tower already has the support of Tucker Reed, president of the Downtown Brooklyn Partnership, a major local business group.

Another possibility is a lot at the southwest corner of Atlantic and Sixth avenues directly behind the arena known as B4. Right now, the site is zoned for residential and some retail. But if the state allows commercial rights from another Pacific Park building — 461 Dean Street on Flatbush Avenue — to be shifted to the site, a large office building could be built.

If the 1.5-million-square-foot tower is approved, it would bring a Manhattan-like aspect to the corner of Flatbush and Atlantic avenues. Similarly sized buildings include 10 Hudson Yards (1.8 million square feet), One Vanderbilt (1.7 million square feet) and 250 South Street (1.3 million square feet).

Office tenants have increasingly streamed into Brooklyn. Real estate investors and developers have rushed to convert former warehouse buildings into commercial space and construct new office space to accommodate the demand. 

Visit Our Sponsors

Page Views

Since October 1, 2011