Two Affordable Housing Developments Planned in Bed-Stuy

bed-stuy-fulton-developments.jpg
A development team is working to bring two new mixed-use properties to a stretch of Fulton Street in Bed-Stuy. Both of the buildings, which will be developed by the Goldman Sachs Urban Investment Group and BRP Development Corp., are supposed to have significant affordable housing components as well as ground-floor retail. One of the developments, tentatively titled Gateway Condominium, is going to have 84 units. The condo is planned for the corner of Fulton and Albany, and the developers want to set aside about 70 percent of the units for residents making less than 165 percent of the area median income. The working title of the other building, which should go up on Fulton and Troy, is Cornerstone Apartments, and the developers want it to be 100 percent affordable. The parcels where Goldman and BRP want to build are both owned by the city, so the project needs to go through ULURP before the developers can get control of the properties and start building. The team is looking to start building by next October, according to Alicia Glenn, a managing director at the Goldman Sachs Urban Investment Group. “We saw it as a great opportunity to develop quality residential and retail on an important corridor,” says Glenn. “The project will help retain ethnic and economic diversity.” GMAP

By Gabby |