Dermot will develop Clinton Green in joint venture with the AFL-CIO Housing and Building Investment Trusts. Funding will be arranged through the AFL-CIO Investment Program's $750-million New York City Community Investment Initiative, which directs pension funds from the Housing Investment Trust and Building Investment Trust to finance New York housing and commercial development and mortgages for working families. Groundbreaking is slated for spring 2005.
The city issued its RFP in December 2001 with proposals due at the end of February 2002. "As you might imagine, the proposals are huge," an HPD spokesperson tells GlobeSt.com. And while the city will not release competitive information until after all contracts are signed, the spokesperson notes that interest in the project was high and several plans were submitted, accounting for the yearlong turnaround time for designating a developer.
"HPD has led the revitalization of the Clinton neighborhood through years of investment in affordable housing," says HPD commissioner Jerilyn Perine. "By making these sites available for environmentally friendly, mixed-use development, we are continuing these efforts and taking another step toward fulfilling Mayor Bloomberg's housing plan." Known as The New Housing Marketplace: Creating Housing for the Next Generation, the mayor's initiative calls for the investment of $3 billion over the next five years to create and preserve more than 65,000 homes and apartments in New York City's neighborhoods."
The L-shaped development site cuts a mid-block swath from 51st to 53rd streets, and then runs east to 10th Avenue with roughly 100 ft of avenue frontage between 52nd and 53rd streets. Dermot will be responsible for demolishing several vacant buildings located on the property. Excluded from the development site are four attached five-story residential buildings along 10th Avenue and a community garden fronting 52nd Street.
Upon completion, the city-owned parcels will feature approximately 600 mixed-income housing units, 11,600 square feet of retail space, new homes for the Intar Theater and Ensemble Studio Theater, 29,000 square feet of publicly accessible open space, 2,850 square feet of community facility space, and 142 below-grade parking spaces.
In the RFP, HPD required that developers incorporate "Green Building" principles, which promote environmentally and financially sound new development geared toward greater energy efficiency, as well as the use of renewable and sustainable resources. Clinton Green will achieve a "Silver" rating as outlined in the U.S. Green Buildings Council LEED Ratings System.
This is locally based Dermot's second New York City development. The company broke ground earlier this month on 475 Ninth Ave., a 15 story, 259-unit new apartment building in Midtown Manhattan near the Lincoln Tunnel. The $74.3-million project, like Clinton Green, is a joint venture between the developer and the AFL-CIO Housing and Building Investment Trusts.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
