CB1 approves Two Trees’ River Ring, keeping project on pace

Board lays out conditions, but quick action bodes well for developer

New York /
Sep.September 16, 2021 10:42 AM
A rendering of River Ring with Two Trees CEO Jed Walentas (BIG, Getty)

A rendering of River Ring with Two Trees CEO Jed Walentas (BIG, Getty)

Two Trees’ River Ring cleared a significant hurdle in Brooklyn — ahead of schedule.

Community Board 1 recommended approval of the waterfront development in Williamsburg one month after the clock started on the review process, rather than take the full 60 days, according to the Brooklyn Daily Eagle. The 20-15 vote followed a long virtual meeting Tuesday evening.

The vote included recommendations that could give the City Planning Commission, Borough President Eric Adams and eventually City Council member Stephen Levin more to chew on. They include cutting the planned 1,050 apartments by 33 percent and increasing the share of affordable units to 50 percent from 25 percent.

Approval came after an 11-to-9 “no” vote from the board’s Land Use Committee last week. The committee did specify a number of recommendations, which formed the basis of the board’s conditions for approval.

Pro-housing advocates responded to the vote on Twitter by trashing the board’s call to drastically reduce the size of the project, but Two Trees took the decision in stride.

“We are taking the board’s recommendations seriously as we continue with the public review process, especially on additional affordability,” said Two Trees managing director David Lombino in a statement. “We remain just as committed to delivering on the well-paying jobs and new resiliency infrastructure that will help protect the broader neighborhood.”

The developer is hoping to get the project through the approval process before the end of the year, when Levin has to leave office. His successor, expected to be Lincoln Restler, could bring more challenges to the negotiations if the project falls to him. The local member essentially decides the fate of rezonings.

The potentially seven-month review for River Ring began on Aug. 16. Two Trees’ Jed Walentas has emphasized that his company has worked with the community to try to maximize affordable housing at the site, a former Con Edison storage lot north of the Williamsburg Bridge.

The project includes a pair of rental towers as well as a public beach, a park, a YMCA and an on-site wastewater treatment plant. About 300 of the units are now set aside for affordable housing.

[Brooklyn Eagle] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
    Times Square hotel developer sues neighbors over delayed demolition
    Times Square hotel developer sues neighbors over delayed demolition
    East Hampton Town Supervisor Peter Van Scoyoc and 350 Pantigo Road (Zillow, Getty, Town of East Hampton)
    Hamptons town could buy former department store land to build homes
    Hamptons town could buy former department store land to build homes
    Napa Valley hot-air-balloon business lists for $12M
    Napa Valley hot-air-balloon business lists for $12M
    Napa Valley hot-air-balloon business lists for $12M
    A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
    Nebraska lawmakers mull digging $1B recreation lake
    Nebraska lawmakers mull digging $1B recreation lake
    From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
    Council approves Silverstein, BedRock’s $2B Innovation QNS
    Council approves Silverstein, BedRock’s $2B Innovation QNS
    Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
    Soloviev bets long-dormant Midtown East site in casino sweepstakes
    Soloviev bets long-dormant Midtown East site in casino sweepstakes
    CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
    Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
    Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
    PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
    Wall Street is bidding up housing stocks again
    Wall Street is bidding up housing stocks again
    arrow_forward_ios

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

    Loading...