A developer is planning once again to revamp the monolithic gray building at 470 Vanderbilt by adding retail space and building a gigantic mixed-use development next door. GFI Capital Resources Group wants to construct 376 residential units, 616,555 square feet of commercial space, and up to 397 underground parking spaces in the two-building complex. Community Board Two renewed the development’s ULURP-approved permits from 2009 on Wednesday night. The permits had expired because the project wasn’t built within four years.
GFI plans to convert 470 Vanderbilt’s ground floor to retail and fill in its interior courtyards, according to its 2009 proposal. Currently, it’s a 10-story loft building with office space and some community space, occupied by a school. The new 12-story mixed-use building will rise on a parking lot next door and include the 376 apartments, 85 of which will be affordable. It will also have 32,358 square feet of ground floor retail and a two-story underground parking garage.