The pace of new development projects coming up in Downtown Brooklyn is showing no signs of slowing down.
Several of the powers that be in Downtown Brooklyn such as The Downtown Brooklyn Partnership, The Brooklyn Academy of Music and The New York Landmark Conservancy are supporting the proposed 80 Flatbush Avenue, 1.3M square foot 2 building project. The site of this project a 61,000 square foot lot located between Flatbush and third Avenue and Schermerhorn and State Streets. This mixed use project will include 120,000 gross square feet for 2 new public schools , market rate and affordable housing, commercial and cultural space.
Because of the size of the project, spot rezoning is required as well as hearings under the Uniform Land Use Review Procedures and an environmental impact statement.
The New York City Educational Construction Fund owns 75% of the site. New York City 25%. Alloy Development has been selected to build the project. Phase 1 of 80 Flatbush Avenue is expected to start in 2019 and be completed by 2022. Phase 2 should be completed by 2025.
The next massive new project not yet formally proposed is called Site 5. P.C. Richard and Modell’s are currently occupying this site. Planned is a 1.1M square foot 785 foot tall tower to be built on a 48,655 square foot lot. Site 5 would border Pacific Street and is being promoted as a mixed use building with office space and residential apartments.
Both projects have many hurdles to overcome before being approved.
To be continued.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn NY property, whether a residential property, a multifamily building, a commercial property, mixed use, multi family, co op or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Thank you,
Accord Real Estate Group
