NEW YORK CITY—After saying it couldn't be done, Two Trees Management has reached an agreement with the city to include more affordable housing units in its Domino Sugar site mixed-use complex.
The developer will boost the project's affordable component by 700 units spanning 110,000 square feet; it had planned already to include 660 apartments for low- and middle-income tenants in the development. Mayor Bill de Blasio threw the developer a curve ball recently when he strongly urged it to build more affordable housing into its plans in exchange for zoning rights it needs to give residential units at the site some fantastic views of Manhattan.
Now slated to feature a total of 537,000 square feet of affordable housing, the non-market rate units will be sprinkled throughout the complex, ensuring a dynamic mixed-income community. Unlike prior proposals, all of those units will be permanently affordable.
In total, the Domino Sugar project will feature over 2,200 apartments and span nearly three million square feet. In addition to housing, the project will include over 630,000 square feet of office space, 79,000 square feet of retail offerings, a park and a 140,000-square foot school or recreational facility. It also will provide public access to the waterfront and other open space amenities. It is expected to take 10 to 15 years to build and to cost $1.5 billion dollars. Work on the first building will begin this December.
Mayor de Blasio has set a goal of building and preserving 200,000 affordable apartments over the coming decade, and this agreement represents a major first step toward achieving that goal, according to his representatives.
“We set out from day one to get the best possible value for the public. This partnership delivers on that commitment,” says Deputy Mayor for housing and economic development Alicia Glen. “We are securing more of the affordable housing families in Williamsburg need, and we are doing it by working together. This agreement is a win for all sides, and it shows that we can ensure the public's needs are met, while also being responsive to the private sector's objectives.”
Adds Two Trees principal Jed Walentas, “We are so proud and pleased with what we've accomplished here. This won't just be an ordinary development—it will be part of an integrated neighborhood that brings people of every income level together. We are proud to work with Mayor de Blasio's team and the City Council to get this project across the finish line, get shovels in the ground, and deliver the housing and jobs this city needs. We hope this can become a model for what we can all achieve together in the years ahead.”
The new proposal will be voted on at Wednesday's City Planning Commission meeting.
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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.
