Second Wave of Development to Transform Downtown

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    In just a few years, Brooklyn’s downtown will look like a different place, with lots more tall towers and housing — with about one fifth of it affordable, reported Crain’s New York.

    In the next two to three years alone, 14 new residential properties with a combined 4,746 units will be completed, according to a study by the Downtown Brooklyn Partnership. About half of these projects are already rising, while the other half are currently in the development process. When they are completed, the area’s population will rise from a little more than 13,000 to well over 25,000. The boom began with a rezoning in 2004, which paved the way for new office and commercial towers along Flatbush Avenue and the surrounding blocks. Since then, 29 buildings with nearly 5,300 units have sprung up.

    The story noted that under Bloomberg, the city has rezoned more than one-third of New York City’s landmass. Critics have charged housing for low- and middle-income families should be mandatory in all new developments, “but the administration prefers a market-driven approach that uses government incentives and tax breaks to promote the private development of affordable housing,” said the story. Projects currently in the pipeline will bring the number of affordable units Downtown to more than 1,400 affordable units, according to the study. Some of the notable developments yet to come include several mixed-use buildings with space for arts and cultural activities and events. “Before there were lingering questions about the area’s attractiveness after work and on weekends, but the successful opening of Barclays Center, the growing array of first-rate cultural institutions and more interesting retail options have driven up demand,” said David Lombino, director of special projects for Two Trees, the developer that rebuilt Dumbo, is remaking the Domino complex and also putting up BAM South, a 32-story tower with arts space. “More people want to live in downtown Brooklyn because it’s a diverse and vibrant New York neighborhood and the market is responding to that.” Do you like the changes in store for Downtown? What kind of development would you like to see?
    A Wave of Development Looms in Downtown Brooklyn [Crain’s]

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