NEW YORK CITY-A developer for the long-discussed luxury hotel and five-story residential building at Pier 1 in Brooklyn Bridge Park has been selected by the city. The Brooklyn Bridge Park Board of Directors voted on Tuesday to designate Toll Brothers City Living and Greenwich, CT-based Starwood Capital Group as joint venture partners to build the 550,000-square-foot complex adjacent to the East River.
The proposed building plan – expected to generate nearly $120 million toward park maintenance – will include 159 residential units, a 200-key hotel and nearly 16,000 square feet of restaurant space, 16,000 square feet of banquet and meeting space, 2,000 square feet of retail, a 6,000-square-foot spa and fitness center and 300 parking spaces. Following the vote, the development team expects to break ground on the development by summer 2012 and open the hotel and residential building in fall 2015.
“The investment by our development partners will strengthen the public-private partnership that has made this park so successful already,” says Robert K. Steel, deputy mayor for economic development and Brooklyn Bridge Park Corp. chairman, in a statement following the meeting.
Under the PPP, the joint venture will enter into two 97-year ground leases of the site, which is located immediately south of Old Fulton Street and the Brooklyn Bridge. Upon completion, the project will generate a projected total of $3.3 million annually in rent and payments in lieu of taxes from residential unit owners and the hotel operator to maintain the park, the board says.
Rogers Marvel Architects, the firm behind projects such as the State Street Townhouses in Brooklyn, the McCarren Pool and Bathhouse in Greenpoint and the Studio Museum in Harlem, will design the complex. The project received public approval in 2005 after the original Brooklyn Bridge Park General Plan was OK’ed by the board.
A 17-member board appointed by the mayor governs the park, and a non-for-profit entity, Brooklyn Bridge Park Corp., is responsible for the planning, construction, maintenance and operation of the 85-acre waterfront site.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
