Stalled Williamsburg project gets new start

New York /
Sep.September 03, 2010 12:00 AM

September 03, 2010 02:30PM

Goldman’s Alicia Glen and a rendering of 11 Broadway

A stalled waterfront project at 11 Broadway in South Williamsburg is being revived by L+M Development Partners and Goldman Sachs Urban Investment Group, with both parties closing this week on financing for the mixed-use development site, Crain’s reported. The project will include 134,000 square feet of residential space, 27,000 square feet of retail and commercial space, plus 29,000 square feet underground for parking. Construction on the proposed $70 million development is expected to begin at the end of the month with a projected completion date of 2012. Goldman’s original plan was to build a mixed-use project with a hotel, but those plans were put on hold when the market crashed in 2008. After bringing in L+M to help to reposition the property, the two parties decided to develop a 160-unit residential building with 80 percent affordable housing and 20 percent market-rate units, allowing them to obtain financing with help from government programs. “We decided to scale down and focus on a mixed-income project — our core business — and do something beneficial for the neighborhood,” said Alicia Glen, managing director of Goldman’s Urban Investment Group. “The challenge was how to get it financed. By using the new market structure we were able to make the project feasible.” [Crain’s]

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