NEW YORK CITY-Possibly making its offerings at the Domino Sugar Factory site even sweeter, Two Trees on Sunday issued a revised plan for the 11-acre sprawl that includes a substantial swath of office space. The new proposal is a marked change from the ideas put forth by Two Trees' predecessor on the project, CPC Resources, and a welcome alteration for most constituents.
According to an announcement of the plan, Two Trees' principals, and father and son, David and Jed Walentas—with the help of ShoP Architects—devised a $1.5 billion plan that features 631,240 square feet of office space; a marked change from CPC's proposal of 98,738 square feet. The new plan cuts about 160,000 square feet of residential space, along with some retail and 501 parking spaces, according to Crain's New York
Business. Yet locals largely welcomed the news as it addresses problems that have generated controversy and delays.
Under the new proposal, the complex will feature 2.3 million of residential space—enough for 2,284 apartments—and 79,000 square feet of retail space. ShoP's recent projects include the Barclays Center in downtown Brooklyn and the East River Esplanade in Manhattan.
Two Trees also plans to increase the project's open space by 60 percent, to 5.3 acres, and include a floating pool, kayak launch, esplanade and seasonal ice-skating rink.
Councilman Stephen Levin (D-Brooklyn) says his first impression is “it's a very ambitious, very dynamic and interesting plan,” in the New York Post. However, CPC promised the city that 30% of the housing will be affordable for low-and-middle office dwellers; by law, Two Trees only is required to build 20 percent, the Post reports.
The real estate developer is “working with the city in an attempt to include 660 affordable units, the same number that was envisioned but never committed or delivered in the approved plan,” according to the announcement. Small-scale neighborhood retail will be located on the ground floors of the buildings, and there will be not be any big box retail in the development,” the announcement says.
Two Trees plans to begin the city's public review process this spring. It hopes to break ground next year and construct the massive development over the next 10 to 15 years.
The community has had a great deal of input in the project, something that is appreciated by residents and their representatives. “Jed's style is very engaging and open and considerate, which is always welcome," says Levin to Crain's.
Its no accident that this complex sounds remarkably similar to DUMBO—the Walentas' were the brains behind the design of that development.
Jed Walentas tells Crain's he could make more money if he made all the space into residences. Instead, he says, the goal is to create a vibrant community all-day long—which ultimately drives-up retail and residential rents.
"This is a long-term play for us, so we can look at this project differently than some developers," he says.
Two Trees differs from CPC in that it's embracing the Domino connection rather than running from it, notes the Post.
CPC was criticized for trying to remove the 19th Century-era refinery's “Domino Sugar” sign. But Walentas is instead saving artifacts, including cranes, syrup tanks and more, for an outdoor museum.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
