Dermot Co. to Develop $170M Hell's Kitchen Project

NEW YORK CITY-The city’s Department of Housing Preservation and Development has designated the Dermot Co. Inc. to develop a major mixed-use project on 10th Avenue in Hell’s Kitchen. Clinton Green, named for the once-raw neighborhood’s gentler sobriquet, is a $170-million mix of multifamily housing, retail, open space, performance venues and parking on 66,500 sf of city property.

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.