Starwood/Toll Brothers JV Tapped For Brooklyn Bridge Park Complex

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.