The Real Deal New York

Domino Sugar plan on the brink of approval

June 29, 2010 11:30AM

The city council is on the brink of passing the $1.2 billion Domino Sugar Refinery redevelopment project this morning, thanks to a last-minute deal that was approved by the Williamsburg project’s opponents. Sources told the Brooklyn Paper that Community Preservation Corporation Resources agreed to reduce its two 40-story towers to 34 stories, while still maintaining the entire 660 units of below-market-rate housing from earlier versions of the plan. Council member Steve Levin initially wanted the 2,200-unit project to be cut by 600 units, which Domino rejected, saying that each floor of housing that was cut would cost the developer $5 million. But following a plea from Mayor Michael Bloomberg, Levin softened his stance and Domino gave in after a petition by industrial landowners near the project site triggered a requirement that the Council pass
the project by a supermajority, requiring more votes. Last week, the Landmarks Preservation Commission approved

the plan, which has been heavily debated in Williamsburg by
politicians
and developers for the last six years. [Brooklyn Paper]


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