From left: Starwood Capital CEO Barry Sternlicht, RAL Companies CEO Robert Levine, Two Trees founder David Walentas and Brooklyn Bridge Park
Extell Development, Starwood Capital Group and Toll Brothers are just three of the seven high-profile developers vying to build a waterfront hotel and residential complex on Brooklyn Bridge Park, the Wall Street Journal reported.
The Brooklyn Bridge Park board will select among the three aforementioned proposals and ones submitted by Dumbo-based Two Trees, RAL Companies, SDS Procida and Dermot. The developers can build 170 to 225 hotel rooms and 150 to 180 residential units across two buildings no taller than 110 and 55 feet.
The developer selected for the project will lease the land from the city, in order to fund the $16 million annual maintenance bill of the new park. Local residents were reluctant to bring a residential development to the park, but without an alternative financing plan, were forced to cave.
“The financial aspect of the proposals is very, very important because the ability for us to continue to fund the park using this resource is key,” said Regina Myer, president of Brooklyn Bridge Park Corp., the nonprofit that manages the park. [WSJ]