NEW YORK CITY—Brooklyn Bridge Park has released a request for proposals for the long-term lease, development, and operation of two vacant parcels at the southern entrance to the Park, adjacent to Pier Six. The RFP calls for multifamily development that would include affordable housing for middle-and moderate-income New Yorkers. Such development is expected to provide 60% of the funding necessary to maintain the Park's piers.
The residential development parcel—incorporated in the 2002 agreement that allowed the Park to be constructed and approved in the 2006 Modified General Project Plan—is located at the southern entrance to the Park at Atlantic avenue and Furman street, immediately south of the One Brooklyn Bridge Park condominium. The sites are each approximately 9,900 square feet.
As fully approved in the MGPP, Site A allows for a maximum height of 315 feet with up to 290 residential units, while Site B is approved for a maximum height of 155 feet, up to 140 residential units, and ground floor retail. A maximum of 72 parking spaces is allowed across both sites. Further, the RFP will require that the development provide approximately 130,000 square feet of permanently affordable housing for moderate and/or middle-income households.
The Pier 6 sites are the final development sites in the MGPP, including the 435-unit One Brooklyn Bridge Park condominium, the Pier 1 residential and hotel development awarded to a joint venture of Toll Brothers and Starwood Capital, the adaptive reuse of Empire Stores for retail and commercial uses by Midtown Equities, and the John Street residential development being undertaken by Alloy Development and Monadnock Development.
“This is great for Brooklyn on so many levels,” says Regina Myer, president of Brooklyn Bridge Park. “Not only will the Pier 6 development implement Brooklyn Bridge Park's financial model and guarantee our ability to operate and maintain the Park far into the future, but it provides affordable housing for NYC. We are proud to work with Mayor de Blasio's team and the community on this milestone in the completion of the Park and deliver the housing and jobs this city needs.”
"Brooklyn Bridge Park has quickly become a destination for millions of Brooklynites and visitors from all over," said Carlo A. Scissura, President and CEO of the Brooklyn Chamber of Commerce. "The financial model is working effectively and the housing is critical to the continued financial stability of the park. The inclusion of affordable housing in the RFP is a great step for inclusiveness and will set an example for future projects."
The RFP requires respondents to submit conceptual plans that demonstrate responsiveness to the site design guidelines and a level of design that is on par with the investment made on the part of the public sector. The proposals must be responsive to criteria including financial feasibility, LEED certification and the project's responsiveness to the surrounding community. Because the site is located within the 100-year flood plain, proposals should also incorporate flood resiliency measures into the design. Respondents must demonstrate the creation of a high quality and visually appealing residential development that enlivens the southern entrance to the Park.
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.