EXCLUSIVE: Toll Brothers Planning Large Dumbo Project

Huge news for Dumbo: Toll Brothers just purchased the vacant lot at 205 Water Street in Dumbo and the firm intends to build a condo on the site. The project will be the first new condo in the recently rezoned section of the neighborhood. Toll bought the land for $8.6 million a couple days before Christmas; the deal was recorded in public records last week. David Von Spreckelsen, a senior vice president at Toll, says the company is looking to build a condo with around 70 units, but the plans are still very much in their infancy. Although the Dumbo rezoning allows for as-of-right residential development, the area is also landmarked, so the developer is going to present plans to the LPC and various community groups before moving forward. Von Spreckelsen says that he hopes to start building by the end of the year. The property at 205 Water Street was purchased by the HK Organization in late 2005 for $5.45 million. HK demolished the warehouse that was on the site—angering some in the community along the way—and intended to build a residential project on the land, but obviously that never happened.
DUMBO Rezoning Passed (Without Much Fanfare) [Brownstoner] GMAP
Praying for the Variance Gods at 205 Water Street [Brownstoner] P*Shark

By Gabby at January 4, 2010 11:30 AM | Comments (3)