The Dermot Company is planning a 42-story rental apartment building at 29 Flatbush Avenue in Brooklyn that will have 327 units of which 20 percent will be "affordable."
The tower will also have 200 parking spaces and aboug7,600 square feet of retail space on Flatbush Avenue and Fulton Street.
The project uses inclusionary housing certificates that Dermot acquired from a local community group who built an affordable housing project at 15 Quincy Street, the same development, according to brownstoner.com that "BFC built to satisfy its affordable housing commitment related to Toren," another new rental high-rise project in Brooklyn.
Ground was broken at the end of 2010 for the project and The Dermot Company recently announced it had closed on $90 million of tax-exempt financing, "just making the end-of-the-year deadline," and also closed on the purchase of land from HPD and raised $70 million in equity financing from Grosvenor Investment Management, according to the article.
Last month, Councilwoman Letitia James, State Senator Velmanette Montgomery, State Assemblyman Hakeem Jeffries and District Leader Lincoln Restler sent a letter to the Dermot Company requesting that it "provide a comprehensive presentation on plans for 29 Flatbush at an upcoming meeting of Community Board 2."
The letter indicated that the officials were concerned about increasing the density of affordable housing, designating space for a community facility, and hiring individuals who live in the area.
"We recognize that this tower can be built 'as of right' and would comply with the existing zoning regulations," the letter continues. "Yet we believe that for Dermot and 29 Flatbush to be embraced by our community, there must be an open dialogue with our constituents about shared objectives for this site."
Ismael Leyva Architects is designing the building.
The tower will also have 200 parking spaces and aboug7,600 square feet of retail space on Flatbush Avenue and Fulton Street.
The project uses inclusionary housing certificates that Dermot acquired from a local community group who built an affordable housing project at 15 Quincy Street, the same development, according to brownstoner.com that "BFC built to satisfy its affordable housing commitment related to Toren," another new rental high-rise project in Brooklyn.
Ground was broken at the end of 2010 for the project and The Dermot Company recently announced it had closed on $90 million of tax-exempt financing, "just making the end-of-the-year deadline," and also closed on the purchase of land from HPD and raised $70 million in equity financing from Grosvenor Investment Management, according to the article.
Last month, Councilwoman Letitia James, State Senator Velmanette Montgomery, State Assemblyman Hakeem Jeffries and District Leader Lincoln Restler sent a letter to the Dermot Company requesting that it "provide a comprehensive presentation on plans for 29 Flatbush at an upcoming meeting of Community Board 2."
The letter indicated that the officials were concerned about increasing the density of affordable housing, designating space for a community facility, and hiring individuals who live in the area.
"We recognize that this tower can be built 'as of right' and would comply with the existing zoning regulations," the letter continues. "Yet we believe that for Dermot and 29 Flatbush to be embraced by our community, there must be an open dialogue with our constituents about shared objectives for this site."
Ismael Leyva Architects is designing the building.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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