PROSPECT HEIGHTS – Greenland Forest City Partners announced today the next phase of its 22 acre, 15 building, mixed-use Pacific Park development project.
Forest City, the real estate investment firm that initiated the project to create “Brooklyn’s newest neighborhood,” restructured its joint venture with Greenland USA last year, increasing Greenland‘s ownership interest in the project from 70 percent to 95 percent and reducing Forest City’s from 30 percent down to 5 percent. Greenland Forest City Partners now adds two new development partners to the project.
The firm announced the sale of parcels 615 Dean Street (parcel B12) and 595 Dean Street (parcel B13) to TF Cornerstone, the firm responsible for the 714-unit rental 33 Bond. 664 Pacific Street (parcel B15) will be sold to the Brodsky Organization who developed City Tower at City Point.
The two real estate developers will build three new mixed-income rental buildings with a public school and expanded open spaces—all of which were part of Pacific Park’s (formerly known as Atlantic Yards) existing plans. The two sales are expected to be completed by the end of this year.
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Greenland Forest City Partners also announced that the architectural firm Perkins Eastman will design the project’s fifth building (parcel B4) on the corner of Atlantic Avenue and 6th Avenue (just east of the Barclays Center), with groundbreaking scheduled for Spring 2019. The building will contain a mix of condos and rental units and will reportedly rise to 511 feet, making it the tallest building in the Pacific Park project.
Today’s announcement also noted that the design is underway on an above-ground platform that will accommodate the development of six parcels (B5-B10). Six of the development’s buildings will require a deck be built spanning over the MTA’s Vanderbilt Yard, where LIRR trains are stored and repaired, according to an article in The Bridge.
To date, the Pacific Park project has completed the Barclays Center, the new entrance to the Atlantic Terminal station, and four residential buildings (461 Dean, 38 Sixth, 535 Carlton, and 550 Vanderbilt) providing nearly 800 units of affordable housing. The overall project includes a total of 15 buildings offering 6,430 residential units including 2,250 affordable apartments to be completed by 2025. The project will also create office space, retail, community facilities, and eight acres of open public space.
The development’s next 11 towers likely won’t be completed until 2035, The Bridge reported, ten years after the initial 2025 schedule and 32 years after the project was first announced in 2003. The deadline for the 2,250 units of affordable housing remains 2025, according the article, of which only 782 have been built so far.