Walentas says Two Trees would consider avoiding affordable housing at Domino site

TRD New York /
Jun.June 28, 2012 01:00 PM

Jed Walentas of Two Trees, which last week signed a $185 million contract to buy the Domino Sugar Factory plant in Williamsburg, told the New York Observer that there may not be affordable housing at the waterfront development.

“I know there is a lot of interest in affordable housing in the community,” Walentas told the Observer. “If we can reach a broad level of support for more, and it is buildable, that is something we would consider.” The property’s former owner and developer CPC Resources had promised to make 30 percent of the 2,200 units affordable, though zoning did not mandate it. The promise was made official in a CPC-signed memorandum of understanding.

“That MOU was not signed by us and the zoning is what it is,” Walentas told the Observer.

However, Walentas said he still has no idea what Two Trees will do with the site. He said that affordable housing is not at the top of his list, but there are also other features the site can provide, such as schools or community space. [NYO] 


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

Two Trees’s Jed Walentas, Bjarke Ingels and a rendering of the project (Credit: Getty Images, BIG)

Two Trees unveils bold plan for Williamsburg towers, beach

205 Park Avenue (Credit: Google Maps)

Developer files plans for mixed-use project facing BQE

Inwood has stayed affordable for a remarkably long time. That could soon change. (Credit: Wikipedia)

Inwood braces for gentrification

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Concept plans for 'The Halo' at 289-301 Washington Street and Meridian Capital Investment's David Schechtman - provided by Meridian Capital Investments/ Minno Wasko

Developer seeks $40M for Opportunity Zone site in downtown Newark

From left: Michael Bennett, Joe Biden, Pete Buttigieg, Kirsten Gillibrand and Kamala Harris (Credit: Getty Images)

Presidential debate 2020 Night 2: Here’s where these Democratic candidates stand on housing

arrow_forward_ios
Loading...