Search
 

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

NEW YORK CITY-The mixed-use development, a joint venture with the AFL-CIO Housing and Building Investment Trusts called Clinton Green, will include multifamily housing, retail, open space, performance venues and parking on 66,500 sf of city property.

By Glen Thompson | Updated on March 21, 2003

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.