City chooses Toll, Starwood to develop hotel and residence at Brooklyn Bridge Park

TRD New York /
Jun.June 19, 2012 11:30 AM

Recent press speculations and predictions have been confirmed: Mayor Michael Bloomberg’s office today announced the selection of Toll Brothers and Starwood Capital Group to develop a 550,000-square-foot complex at Pier 1 in Brooklyn Bridge Park, which will include a 200-room luxury hotel and 159 residential units. The hotel and residential complex will rise 10 stories, and there will be a separate five-story residential building, a city press release says.

The team expects to break ground on the site by next summer — with a projected completion date of fall 2015. The hotel will operate under the name 1 Hotel, and its proposals include about 16,000 square feet of restaurant space, another 16,000 square feet of banquet and meeting space, 2,000 square feet of retail, a 6,000-square-foot fitness center and spa, as well as 300 parking spaces, the release said. The joint Toll Brothers and Starwood venture will enter into two 97-year ground leases on the site. When complete, the team’s development will yield a projected total of $3.3 annually from owners of residential units and the hotel operator.

The development is expected to create roughly 210 permanent jobs and 300 construction jobs. As The Real Deal recently reported, the New York City construction industry employed fewer people in the first quarter of this year than it has at any point over the past 13 years.

“Not only will this project create a new hotel and residential complex along Brooklyn’s emerging waterfront,” the city’s Economic Development Corporation president, Seth Pinsky, said,”it will also provide a large portion of the necessary funding for the maintenance and operations for what has already become one of the city’s most desirable open spaces.”

Rogers Marvel Architects is in charge of the hotel and residential building’s design, and the green development hopes to nab LEED Silver Certification, the release said. — Zachary Kussin


Related Articles

arrow_forward_ios
Barry Sternlicht (Getty)

Barry Sternlicht predicts “tipping point” for NYC

Barry Sternlicht predicts “tipping point” for NYC
TPG Real Estate Finance Trust CEO Greta Guggenheim and Starwood Capital CEO Barry Sternlicht (Getty)

TPG RE Finance gets $325M infusion from Starwood

TPG RE Finance gets $325M infusion from Starwood
Toll Brothers CEO Douglas C. Yearley Jr. (Credit: iStock)

Pandemic takes a Toll: Builder’s profits drop 42%

Pandemic takes a Toll: Builder’s profits drop 42%
Ashford Inc. CEO Monty Bennett (Credit: Ashford)

Monty Bennett-tied companies to return $68M in PPP funds

Monty Bennett-tied companies to return $68M in PPP funds
The Quay

Brooklyn’s priciest home sale closes at $20.3M

Brooklyn’s priciest home sale closes at $20.3M
Doug Yearley of Toll Brothers and 2686 Broadway (Credit: Google Maps and Toll Brothers)

Who’s still filing permit applications? Toll Brothers, for one

Who’s still filing permit applications? Toll Brothers, for one
Toll Brothers CEO Doug Yearley and 77 Charlton (Credit: iStock)

Toll’s profits plunge 20% amid housing slowdown

Toll’s profits plunge 20% amid housing slowdown
871 Bushwick Avenue in Brooklyn (Credit: Google Maps)

Joseph Brunner lands $130M refi for massive Bushwick rental building

Joseph Brunner lands $130M refi for massive Bushwick rental building
arrow_forward_ios

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

Loading...