Cat Man Plans Grocery at Myrtle Project
Another day, another bit of news on John Catsimatidis’s will-it-or-won’t-it-happen development on Myrtle. Last week’s buzz on the project, per the Brooklyn Paper, was that the supermarket magnate/mayoral candidate was indeed moving forward with the 660-unit, mixed-use development, albeit with some notable changes: Four buildings rather than two towers, and ixnay on the affordable housing….
Another day, another bit of news on John Catsimatidis’s will-it-or-won’t-it-happen development on Myrtle. Last week’s buzz on the project, per the Brooklyn Paper, was that the supermarket magnate/mayoral candidate was indeed moving forward with the 660-unit, mixed-use development, albeit with some notable changes: Four buildings rather than two towers, and ixnay on the affordable housing. A press release sent out this morning on Catsimatidis’s behalf confirms the four-building plan (three low-rise, one high-rise), and it also says that the “first phase of the development is expected to include a drug store and a neighborhood style supermarket.” And the development may yet include affordable housing, according to the statement: “Plans for 50/30/20 Affordable Housing in the two adjacent low rise buildings has been delayed by the current unavailability of tax exempt bonds that are a vital component of financing such projects. Red Apple continues to maintain a dialogue with the New York City Housing Development Corporation concerning the future availability of these bonds.” Click through for the full press release.
Catsimatidis Tweaks Blueprints for Myrtle Project [Brownstoner] GMAP
Development Watch: Catsimatidis Ready to Go on Myrtle? [Brownstoner]
PRESS RELEASE:
John Catsimatidis, Chairman and Chief Executive Officer of Red Apple Real Estate, Inc. (Red Apple) announced today that Red Apple has broken ground on the first phase of its Myrtle Avenue development project in the Fort Green section of Brooklyn. The project will eventually include three low rise buildings bounded by Ashland Avenue and Prince Street, and a high rise tower between Prince Street and Flatbush Avenue. This first phase of the project includes approximately 85,000 square feet of middle-tier market rate residential apartments and approximately 22,000 square feet retail space.
In deference to community desires, that have been ardently expressed by local officials, this first phase of the development is expected to include a drug store and a neighborhood style supermarket. Plans for 50/30/20 Affordable Housing in the two adjacent low rise buildings has been delayed by the current unavailability of tax exempt bonds that are a vital component of financing such projects. Red Apple continues to maintain a dialogue with the New York City Housing Development Corporation concerning the future availability of these bonds. The first phase of the project is being
financed with Mr. Catsimatidis personal funds and market rate bank financing.
By breaking ground, even in this difficult economic climate, Red Apple will put part of the property into productive use and fulfill a community need for neighborhood retail services rather than simply holding the entire parcel vacant until there is an improvement in the economic conditions that have caused many Brooklyn development projects to be either delayed or cancelled.
This is a first step in Mr. Catsimatidis vision for the entire property and reflects both Red Apple’s commitment to Brooklyn’s future and Red Apple’s faith in it.
John Catsimatidis, a long time New York City resident and investor in Brooklyn, stated I am pleased to make this further investment in downtown Brooklyn. New Yorkers deserve the best quality of life possible and moving forward today with a development that will include a neighborhood supermarket and a drugstore to meet the needs of this underserved community is the right thing to do and I am pleased that we were able to structure a transaction that will allow this to happen.
so will there or will there not be a tower? one day there wasn’t now there is?
and turtle sounds like girdle. the whole thing is absolutely ridiculous.
I’ve walked by those projects every day for 6 years. Never had a problem, never have seen a problem.
the constant grasping for something negative. myrtle sounds like turtle. that’s a stupid street name. nah nah.
shut up.
did they really spell Fort Greene wrong? That is very bad.
http://www.nyc.gov/html/nypd/downloads/pdf/crime_statistics/cs084pct.pdf
DoBro precindt
nuff said
4:54 PM
If you want to make a point, find some resonable evidence that the crime rate in Downtown Brooklyn is higher than it is the nicest neighbourhoods in Mahnattan / Brooklyn.
Some of the other posters have found evidence to the contrary. If you have a point to make, back it up with evidence, otherwise all you have are groundless opinions.
Property values are so high?? High compared to what??
3:16, maybe you’re the one doing all the murdering….seeing as how everytime you pass through Myrtle Ave someone “just happens to get shot”. Serial Killer, maybe? Believe me, this ain’t the “Murder Ave” of yesteryear. I have lived at University Towers since 1998…when I first moved in, you definitely heard the “pop, pop, pop” a couple of times a week. Nowadays…I honestly can’t tell you the last time I’ve heard gun shots…maybe a year ago? Not to say that it doesn’t happen, but I’m not exactly sitting around the house all day waiting for it…and it certainly does not stop me from walking on Myrtle.
Some one is shilling on here for sure. Why is the idea that public housing = violent crime controversial? I live not too far from here and I can tell you there is nothing pleasant about the amount of street noise in the area, the man who openly smokes crack on the stoop of $2 Million dollar homes, or the glassy eyed idiots spend my tax dollars on Juicy Juice when I need to get some milk from the grocery store. I simply do not understand why the property values are so high.