Avery Hall to city: In exchange for 50K sf, we’ll improve a Gowanus subway station

Avery Hall Investments wants to improve public transportation in Gowanus. But it needs something in return — specifically, the green light to build a much larger project at its development site on Fourth Avenue.

The firm plans to construct a rental development at 204 Fourth Avenue—the current site of a Speedway gas station between Union and Sackett streets—and it has proposed building a new entrance to the R train’s southbound Union Street subway platform as part of the project, according to Crain’s. The new entrance would feature a staircase wider than the two existing ones and an elevator, which the station does not currently have. It would cost at least $11 million.

The firm would want about 50,000 additional square feet for its apartment project in exchange for this. This means the development could span more than 200,000 square feet overall. It would stand 17 stories tall and include between 150 and 200 apartments, 25 to 30 percent of which would be affordable.

The city is planning a rezoning of Gowanus, and Avery Hall principal Brian Ezra told Crain’s this would likely lead to a significant population increase.

“The rezoning contemplates adding a population of 20,000 new residents in the neighborhood,” he said. “Accommodating this population as well as the existing community here is something we’re excited about. Given the expense of an upgrade like this, we are seeking an appropriate increase in density to fairly compensate us for the cost and make this feasible.” [Crain’s] – Eddie Small