Domino Sugar plan on the brink of approval

TRD New York /
Jun.June 29, 2010 11:30 AM

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]

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(iStock)

Déjà vu: New home sales hit 14-year high in August

Déjà vu: New home sales hit 14-year high in August
Neiman Marcus at Hudson Yards and Geoffroy van Raemdonck (Getty)

Neiman Marcus exits bankruptcy $4B lighter

Neiman Marcus exits bankruptcy $4B lighter
Charles Rettig, Commissioner of the IRS (Getty)

Opportunity Zone rule change seeks to entice foreign investors

Opportunity Zone rule change seeks to entice foreign investors
Keith Gelb and Bill Walton with 63 and 67 Wall Street (Rockpoint, Google Maps)

Rockpoint Group settles alleged rent-stabilization violations for $5M

Rockpoint Group settles alleged rent-stabilization violations for $5M
CoStar CEO Andy Florance and CREXi founder Michael DeGiorgio (Photos via CoStar on YouTube; CREXi)

Back in court: CoStar sues rival over “massive” copyright infringement

Back in court: CoStar sues rival over “massive” copyright infringement
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...