The Real Deal New York

Greenland says Pacific Park’s B4 site will remain residential

Company had considered switching use to office
By Kathryn Brenzel | January 16, 2018 12:00PM

Aerial rendering of Pacific Park (Credit: VUW Studio)

Greenland USA is no longer planning to switch one of the Pacific Park sites from residential to office use.

The site, known as B4 and located at the northeast corner of the Barclays Center at Atlantic and Sixth avenues, will remain residential, Scott Solish, director of development at Greenland, told The Real Deal on Tuesday. Though the company considered seeking approval to change the site’s use to commercial and shift affordable housing in the project elsewhere, as reported by DNAinfo in 2016, Greenland never formally asked the state to make the change. The state-approved project plan calls for residential and some retail space on the site.

Solish said Greenland ultimately decided that the site was “better suited” for the original project plan. (Brooklyn’s office market hasn’t taken off as some had anticipated, as TRD reported in July.) Previous plans called for 551 rental units and 213 condos, as noted by the Atlantic Yards/Pacific Park report. Solish would not provide details on the residential units but said the site allows for a building that rises 511 feet high and spans 800,000 square feet. The project is expected to break ground in 2019, though official plans have not yet been filed.

Greenland is in the process of restructuring its partnership with Forest City New York at Pacific Park by increasing its stake in the megaproject from 70 to 95 percent. Solish would not disclose the value of the deal but said it’s expected to close within the next few months. L&L MAG, a new firm formed by MaryAnne Gilmartin and L&L Holding principals, will work on Pacific Park through a service agreement with Forest City.