The Real Deal New York

After legal battle, Two Trees forges ahead with Domino redevelopment

October 15, 2012 12:30PM

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From left: Jed Walentas and the Domino Sugar plant

Following last week’s end to a legal battle over the fate of the Domino Sugar plant, redevelopment at the site is now slated to restart.

In a statement to Crain’s, Two Trees, which purchased the 11-acre property from CPC Resources for $185 million, said that it would spend time in dialogue with area residents and community leaders. “This dialogue will help inform our decision whether to build the approved plan under the existing zoning, or to seek to improve upon it through a new public process,” the statement said. Principal Jed Walentas has already been meeting with local groups and City Councilmember Stephen Levin to get community feedback.

The Katan Group, which tried to block the sale to Two Trees, has vowed to continue its fight and to seek monetary damages from CPC to the tune of at least $60 million.

Community leaders want to have affordable housing be part of the plan. Though Two trees has shown a willingness to include affordable housing to community officials, just how many units there would be remains a question. [Crain's] – Zachary Kussin

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