(To read more on the multifamily market, click here.)
BROOKLYN, NY-Time Equities Inc. and Hamlin Ventures LLC have teamed up in a joint venture called HS Development Partners to build a project called "14 Townhouses" here. The development, which will feature 4,000-sf homes with land, will fill almost a half city block on State Street in the Boerum Hill section.
The site was purchased in late 2003 from the Empire State Development Corp. which had owned it since 1974. The project represents the first phase of a five-phase development. Other projects include additional townhouses, market-rate rental apartments and condominium lofts, as well as affordable housing and a mix of other uses.
"Our aim was to create an innovative, architecturally distinguished row house composition along State Street, as well as to develop individual homes whose quality was close to custom-built," says developer Abby Hamlin, president of Hamlin. The modernist brick townhouses, each four or five stories, are designed by Rogers Marvel Architects PLLC.
Hamlin says it's rare to have groupings of stand-alone townhouse in the city. "The density permitted on most residentially zoned sites encourages larger scale development." The site is situated directly across from 24 landmark townhouses and adjacent to a row of five Romanesque brownstones that are individually listed on the National Historic Register. Development costs have not been released, but the sites will marketed starting at $2.55 million.
Francis Greenburger, chairman of Time Equities, says this site has intrinsic value because of its Downtown Brooklyn location. "We have responded to the site's location and setting with a development project that builds on neighborhood strengths and enhances connections throughout the Downtown."
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