search

The Real Deal Logo

Trending

Billionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida moveChavin surrenders Loop office-to-resi play with deed-in-lieu of foreclosureChavin surrenders Loop office-to-resi play with deed-in-lieu of foreclosureHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsTides Equities faces three foreclosures in Fort WorthTides Equities faces three foreclosures in Fort Worth
Commercial
New York

Madison Realty’s altered plans for SI complex approved

River North project returns to City Planning Commission for vote

Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)

Madison Realty Capital’s project on the St. George waterfront in Staten Island is floating towards fruition.

The City Council’s land use committee approved the development on Thursday after the proposed complex cut tower heights and unit counts. The approval, first reported by SI Advance, came one day after the City Council’s zoning committee also approved the revised plan.

From here, the proposal returns to the City Planning Commission, which approved the previous plan last month. If the City Planning Commission gives the go-ahead, the City Council will vote on the project in November.

After the proposed reductions, Madison Realty is looking at developing a three-building, 700-unit complex along the waterfront, near the intersection of Hamilton Avenue and Stuyvesant Place. The tallest building would stand 16 stories tall.

The project previously made waves as two of the buildings were slated to be at least 25 stories tall, breaking the assumed Staten Island record of 20 stories. Those buildings have been cut to 16 and 11 stories, respectively, while the other is maintaining its original 13-story height. The development also initially planned to construct 750 units across the complex.

Sign Up for the undefined Newsletter

SI Advance reports Councilwoman Debi Rose was the driving force behind the revision of the development.

Under the new plan, 30 percent of the apartments will be set aside for affordable housing. Additionally, at least 30 percent of the construction process will be contracted to minority- or women-owned businesses.

While the project appears to be sailing along on smoother seas, it is still facing resistance, including from Borough President James Oddo. He previously told The Real Deal the project would be too much for local sanitary and sewer systems, as well as public schools and parking facilities.

More recently, Oddo referred to a “disingenuous process by big Manhattan developers who don’t give a damn about our borough” when speaking of the project, per SI Advance.

Read more

[SI Advance] — Holden Walter-Warner

Tags
Commercial Real EstateDevelopmentRezoningSt. GeorgeStaten Island