Photo: Beyond-My-Ken
New York redevelopment to increase affordable housing
13 March 2014
by Richard Forster
Mayor of New York Bill de Blasio has announced the city has reached an agreement to redevelop the Domino Sugar site on the Williamsburg waterfront, which will significantly increase the amount of affordable housing.
“We set out from day one to get the best possible value for the public. This partnership delivers on that commitment,” said Alicia Glen, Deputy Mayor for Housing and Economic Development. “We are securing more affordable housing for families in Williamsburg, and we are doing it by working together. This agreement is a win for all sides, and it shows that we can ensure the public’s needs are met, while also being responsive to the private sector’s objectives.”
Under the agreement with Two Trees Management, the developer will provide an additional 110,000 square feet of affordable housing as part of the project, for a total of 537,000 square feet of affordable housing.
The proposal will create 700 affordable apartments covering a range of incomes, including a significant number of units sized for families. Affordable apartments will be integrated throughout the complex, ensuring a dynamic mixed-income community. Unlike prior proposals, all of those units will be permanently affordable. Work on the first building will begin in December 2014.
“This won’t just be an ordinary development, it will be part of an integrated neighbourhood that brings people of every income level together,” said Jed Walentas of Two Trees Management. “We are proud to work with Mayor de Blasio’s team and the City Council to get this project across the finish line, get shovels in the ground, and deliver the housing and jobs this city needs.”
Mayor de Blasio has set an ambitious goal of building and preserving 200,000 affordable apartments over the coming decade, and this agreement represents a major first step toward achieving that goal.
The proposal will increase the percentage of affordable housing to 700 units out of over 2,200 total apartments in the 2,928,429 square-foot project. The project will also include significant commercial, incubator, technology and creative space that support the administration’s economic development strategy to increase quality jobs as part of mixed-use developments.
