First Phase of Lightstone's Big Gowanus Development Will Have 86 Affordable Rentals
Lightstone has just locked down a $120,000,000 loan for the first phase of its 700-unit megadevelopment at 363-365 Bond Street along the Gowanus Canal, and the Observer’s article on the financing has additional details on what will be built between 1st and 2nd streets. The 12-story complex will have 429 units, including 86 affordable ones. In addition, as…
Lightstone has just locked down a $120,000,000 loan for the first phase of its 700-unit megadevelopment at 363-365 Bond Street along the Gowanus Canal, and the Observer’s article on the financing has additional details on what will be built between 1st and 2nd streets. The 12-story complex will have 429 units, including 86 affordable ones. In addition, as previously reported, there will also be a landscaped courtyard, roof decks, a fitness facility, a theater room and a waterfront park on the banks of the canal.
Overall, the controversial rental project will have 140 affordable units (20 percent of the project), as the developer promised in 2012. The buildings will range in height from six to 12 stories, and the development will also have a 25-year tax abatement, as previously reported.
Canyon Provides Construction Loan for Gowanus Development [NYO]
Lightstone Coverage [Brownstoner]
Rendering via NYO
If it’s left up to some of these activists sorts nothing would ever get built. They whine and complain about everything. As far as we know, the canal is on track to be cleaned and .those who rent in this development will probably be updated on the clean-up process.