Developer of controversial Park Slope luxury project agrees to concessions

Avery Hall Investments will build a larger supermarket on site of former Key Food

New York /
Oct.October 20, 2017 09:10 AM

The developers behind the project meant to replace Park Slope’s 5th Avenue Key Food have filed preliminary plans for their project with the city after agreeing to multiple concessions from the community.

Avery Hall Investments plans to construct two buildings on the site, and the developer has agreed to issue an RFP for a supermarket that is “community oriented,” offers foods at a range of prices, and sells ethnic products such as Goya foods, according to DNAinfo.

Local community groups said they wanted to make sure the supermarket replacing the Key Food will be affordable to residents of the neighborhood who had come to increasingly rely on it, especially with the closure of other grocery stores.

The supermarket will be 22,000 square feet and have a 20-year lease. The residential portion of the project will consist of 164 apartments spread across two buildings at 120 5th Avenue and 680 Baltic Street, of which 41 will be for very low, low and middle income tenants.

Avery Hall Investments closed on the Park Slope site in March for $45.6 million. The company also purchased an office building at One Boerum Place in December for $76.5 million. [DNAinfo] Eddie Small


Related Articles

arrow_forward_ios
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
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Arlington Village at 3100-3124 Atlantic Avenue in East New York, Brooklyn (Google Maps, Getty)
Developing in downtrodden areas gets dicey
Developing in downtrodden areas gets dicey
800 East Main Street and AMS Acquisitions' Avi Abadie (Town of Yorktown, LinkedIn)
Luxury senior housing proposed for vacant Westchester office
Luxury senior housing proposed for vacant Westchester office
Gainesville mayor Lauren Poe (Facebook, Getty)
Gainesville close to ending single-family zoning
Gainesville close to ending single-family zoning
D&F Development Group’s Peter Florey and the development site at the northwest corner of Pulaski and Elwood Roads in East Northport (D&F Development Group, Google Maps)
Four decades in making, East Northport project clears key hurdle
Four decades in making, East Northport project clears key hurdle
HPD's Adolfo Carrión Jr.  and City Planning's Dan Garodnick (Getty)
“The system is broken”: Staffing woes stall affordable projects
“The system is broken”: Staffing woes stall affordable projects
From left: Century Development's Group’s George Xu and City/Rybak Development’s Sergey Rybak with 78-29 Austin St./11-36 45 Road
Rybak, Century file to build Queens multifamily projects
Rybak, Century file to build Queens multifamily projects
ZappiCo's Jim Zappi and Pocantico Lake (ZappiCo Real Estate Development, Google Maps)
Developer wants 29 waterfront homes; Nimbys want none
Developer wants 29 waterfront homes; Nimbys want none
arrow_forward_ios

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

Loading...