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Licensed Real Estate Sales Person
SVP, Managing Director | Associate Broker
Marketing, Public Relations
|June 15, 2012||| Christine Lim||Tweet|
The Brooklyn Bridge Park Corporation is expected to vote on Tuesday to
select Toll Brothers and Starwood Capital Group as the development team
for a new hotel and residential complex that will be built in the park
next to Pier 1, just south of the Brooklyn Bridge, according to an
official with knowledge of the deal.
The 1.3-mile-long park, which stretches along the East River on the Brooklyn waterfront, is being built on several piers in phases and, under terms of its development agreement, must be self-sustaining financially. The hotel complex is crucial to the city’s vision of how to pay for maintenance of the park. With an aging waterfront infrastructure, and elaborate landscaping and other amenities, upkeep is expected to cost about $16 million annually when all 85 acres are complete.
Toll Brothers City Living and Starwood, which were two of the three finalists for the $295 million complex project, combined elements of their plans late in the process. Construction on the buildings will begin next summer, with completion expected in 2015. Crain’s New York Business first reported the expected selection on Thursday. The complex will consist of a 200-room hotel and 160 condominium units. In addition, there will be 32,000 square feet of restaurant and banquet space, as well as a 6,000-square-foot spa. Three more apartment buildings, one at John Street and two next to Pier 6, are also planned for the park. Starwood plans a 1 Hotel — one of its newer luxury brands — for the site. Under the development guidelines for the park, the hotel building and a connecting residential building cannot exceed 100 feet in height, and a separate residential building cannot be more than 55 feet tall.
Rogers Marvel Architects designed the complex with a stepped facade of stone and metal, thus maximizing the views of the park and of New York Harbor. The buildings will also feature roofs with green technologies. Under the deal, the project will generate $119.7 million in rent and payments as part of a 97-year ground lease.Read more: http://www.nytimes.com/2012/06/15/nyregion/brooklyn-bridge-park-expected-to-announce-developers-of-a-new-hotel-complex.html?partner=rss&emc=rss
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