Alloy Development has tapped a local nonprofit to spearhead the affordable housing component of its Downtown Brooklyn megaproject.
Jared Della Valle
Fifth Avenue Committee, a community development corporation based in Brooklyn, will own and develop the roughly 200 affordable housing units in Alloy’s 80 Flatbush project, the developer announced on Monday. The project will include almost 900 apartments overall, along with 15,000 square feet of cultural space, 200,000 square feet of office space, 40,000 square feet of retail space and two new public schools.
Rendering of 80 Flatbush Avenue
Alloy is developing the five-building project jointly with the New York City Educational Construction Fund. They will construct it in two phases, the first of which will include the two schools and the second of which will include the affordable housing and cultural facility. Politico first reported the news Monday.
Fifth Avenue Committee was founded in 1978 and has built or renovated 900 affordable housing units so far, with 1,200 more units in development.
One building in the project will stand 986 feet tall, making it one of the tallest in Brooklyn. Alloy has made multiple changes to the project based on community feedback, including overhauling the Phase I tower design and eliminating parking.
Construction on the first phase is expected to be finished by 2022, while construction on the second phase is pegged to be done by 2025.