Brooklyn’s Dumbo neighborhood is experiencing a mini-boom as rezoning and a strong demand for housing take hold in the hotly-desired neighborhood. There are around 3,600 people currently living in the area, according to Alexandria Sica, executive director of the Dumbo Improvement District, but with new housing developments sprouting up across the area, she expects there to be 4,000 by the end of 2011.
Toll Brothers is proceeding with a 65-unit condominium at 205 Water Street thanks to rezoning approved by the city in 2009, according to the Wall Street Journal. Construction is slated to finish in 2012 with apartment prices averaging about $800 per square foot.
GDC Properties is restarting a Dumbo project that it abandoned during the downturn. The company bought a 220,000-square-foot warehouse at 220 Water Street in 2005, but did not break ground until September 2010. Rents will range from $2,400 for a 650-square-foot studio to slightly under $4,000 for a 1,500-square-foot two-bedroom unit.
The conversion of an old tea warehouse by Alloy Development and Hamlin Ventures, is also due to be completed in the next year. [WSJ]