Stalled Williamsburg project gets new start

TRD 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]

Tags:

11 broadway

alicia glen

goldman sachs urban investment group

 

Leave a Comment

Name:

(optional)

Email:

(optional)

Comment:

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
Ronnie Wood and his London home (Getty, Milton Stone)

Rolling Stones guitarist Ronnie Wood lists colorful London townhouse

Rolling Stones guitarist Ronnie Wood lists colorful London townhouse
Bozeman, Montana

Montana’s real estate market shows no signs of cooling heading into winter

Montana’s real estate market shows no signs of cooling heading into winter
Bruce Flatt, Arjun Menda and Chennai (Brookfield, RMZ Corp, iStock)

Brookfield’s $2B India office buy would be biggest in country’s history

Brookfield’s $2B India office buy would be biggest in country’s history
Joe Biden (Credit: Leigh Vogel/Getty Images)

“Your rent will be increased” if Biden wins, landlord allegedly tells tenants

“Your rent will be increased” if Biden wins, landlord allegedly tells tenants
An aerial view of a pop-up drive-in theater built in the parking lot at the Broadway Commons in Hicksville, New York (Getty)

Covid pummeled shopping centers, but their parking lots are thriving

Covid pummeled shopping centers, but their parking lots are thriving
arrow_forward_ios

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

Loading...