The developers behind the project officially signed a 93-year lease for the project
Despite the fact that it’s mired in the middle of yet another lawsuit, the plan for housing at Brooklyn Bridge Park’s Pier 6 is moving right along. Commercial Observer reports that the developers for the controversial towers, RAL and Oliver’s Realty Group, officially signed a 93-year ground lease, for the project. The developers paid $110 million up front, and will make yearly payments that will add to the park’s overall revenue.
The move comes just a month after the board of the Brooklyn Bridge Park Corporation voted to approve a revised plan for the development, and two weeks after the Brooklyn Heights Association filed a lawsuit to stop it. In its lawsuit, the BHA (one of several NIMBY groups fighting against the housing plan) alleges that the BBPC "failed to comply with legal mandates," i.e. only build as much housing as is necessary to help with the continued operations and maintenance of the park.
The BBPC, of course, denies this, stating that it’s "exhaustively demonstrated that the Pier 6 development is essential to the long-term funding of the Park." If all goes according to plan, the BBPC estimates that construction on Pier 6 could begin within the year—and the lease signing is, of course, one more step in that direction.
The development itself will be made up of two towers with approximately 300 apartments (including at least 100 affordable units) between them.
- Controversial Pier 6 Deal Closes, Developers Paying $110M to Build Two Resi Buildings [CO]
- Brooklyn Bridge Park's Pier 6 Housing Mired In Yet Another Lawsuit [Curbed]
- Brooklyn Bridge Park's Pier 6 Housing Moves Forward Following Board Vote [Curbed]
- All Pier 6 coverage [Curbed]