Two Trees to get city’s OK for Domino Sugar project

Developer says it will up the affordable housing bloc to 700 units

New York /
Mar.March 04, 2014 10:10 AM

After reaching an agreement yesterday to reserve 700 units for affordable housing, Two Trees Management is set to receive city approval this week for the $1.5 billion project at the site of the former Domino Sugar refinery in Brooklyn.

Two Trees’ Jed Walentas also plans to boost the quantity of affordable units configured as both two- and three-bedroom units, instead of studios or one-bedrooms. The development is slated to hold about 2,300 units, 660 of which were initially set aside for affordable housing.

The city will provide a zoning change to allow for Two Trees’ towers to exceed 55 stories above the East River, in an area currently zoned for 35 stories.

“Buildings don’t get shorter over time,” Alicia Glen, deputy mayor for housing and economic development, told the New York Times. “Just like the buildings are permanently taller, the affordable units will be permanently affordable.”

The project will feature 2.4 million square feet of residential space, as well as up to 223,570 square feet of retail space and 143,076 square feet of community space. [NYT]Mark Maurer


Related Articles

arrow_forward_ios
Jed Walentas and renderings of the proposed project (River Ring, Getty)
Council strikes deal on Two Trees’ River Ring in Williamsburg
Council strikes deal on Two Trees’ River Ring in Williamsburg
MSquared Managing Principal Alicia Glen (Getty)
Alicia Glen raises $108M for affordable housing fund
Alicia Glen raises $108M for affordable housing fund
A rendering of River Ring with Two Trees CEO Jed Walentas (BIG, Getty)
CB1 approves Two Trees’ River Ring, keeping project on pace
CB1 approves Two Trees’ River Ring, keeping project on pace
A rendering of River Ring and Two Trees' Development Principal Jed Walentas (River Ring, Marc Skrivo)
Two Trees’ massive project eyes “mad dash” to approval
Two Trees’ massive project eyes “mad dash” to approval
The Closing: James Patchett
The Closing: James Patchett
The Closing: James Patchett
WATCH: Here’s what Two Trees has planned for its Williamsburg “River Ring” site
WATCH: Here’s what Two Trees has planned for its Williamsburg “River Ring” site
WATCH: Here’s what Two Trees has planned for its Williamsburg “River Ring” site
Two Trees CEO Jed Walentas and renderings of the controversial project. (Getty, James Corner Field Operations / Bjarke Ingels Group)
Two Trees says it will sell Williamsburg site if rezoning isn’t approved
Two Trees says it will sell Williamsburg site if rezoning isn’t approved
Alicia Glen and Common CEO Brad Hargreaves (Glen via MSquared; Hargreaves via Common)
Common names Alicia Glen to board
Common names Alicia Glen to board
arrow_forward_ios

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

Loading...