LICH Development to Include Only Market Rate Housing After All?

The affordable-housing developer, L+M Partners, who was part of the Long Island College Hospital deal with the third buyer, Fortis, has dropped out, leaving doubt as to whether the development will include any affordable housing after all, The Wall Street Journal reported. If not, it puts the LICH plan right back where it started: When Fortis, LICH’s preferred buyer, initially bid on the property, it planned only market-rate housing.

The Journal article hinted that affordable housing could be included only if the developer were allowed to build tall towers on the site, something the first buyer, Brooklyn Health Partners, also said it might do — and not long thereafter, that deal was scuttled. The hospital is in the midst of a landmarked area in Cobble Hill where towers are not allowed.

Affordable Housing Is Unclear in Brooklyn Hospital Venture [WSJ]
LICH Coverage [Brownstoner]