Catsimatidis Tweaks Blueprints for Myrtle Project
The Brooklyn Paper follows up on (and expands upon!) the news Brownstoner broke a few weeks ago: Construction on John Catsimatidis’ large Myrtle Avenue project is “imminent.” According to the paper, Catsimatidis has tweaked his vision for the 660-unit project and now plans to eliminate a 200-unit affordable housing component and spread the development over…
The Brooklyn Paper follows up on (and expands upon!) the news Brownstoner broke a few weeks ago: Construction on John Catsimatidis’ large Myrtle Avenue project is “imminent.” According to the paper, Catsimatidis has tweaked his vision for the 660-unit project and now plans to eliminate a 200-unit affordable housing component and spread the development over four buildings, rather than two towers. The builder says he couldn’t secure enough city and state affordable housing bonds to build the below-market rate component, and that he’s constructing four smaller buildings rather than two towers because It’s a $500-million project, except that no bank has $500 million to loan, so we decided to break it up into four buildings.
Affordable Housing DOA [Brooklyn Paper] GMAP
Development Watch: Catsimatidis Ready to Go on Myrtle? [Brownstoner]
That part of Myrtle has always been a ‘no man’s land’. It so awkward to get to, and almost nothing withing walking distance. How they’re going to fill up four buildings worth of luxury “affordable” housing (lol) is beyond me.
anybody who is surprised by this must have been under a rock for the past several months b/c cats all but forecasted this back in feb when he said that the city could not raise the money it needed to contruibute for the affordable housing component. be mad at the city, not cats. he owns this property outright and isn’t receiving any benfits or aid in return for an obligation to build an affordable component. would you rather he sit on the land and wait until the city can kick in its part? and 11:31 you need to learn how to read.
I wish they would tear down those projects altoghether. That would be a dream come true. Nobody lives there anymore in any event….
So much for the bs that he had secured financing. I expect this project to keep shrinking, if not shelved entirely.
There is a $ limit set in law on the bonding.
So if too many people looking for the financing then not all developers getting in on the program.
Assuming this project is completed, this location will be just fine. Myrtle between Flatbush and Ashland will have the big Cat’s project, Toren and Avalon “Ft. Greene”. With the streetscape project and the return of our retail (I live at Univ. Towers around the corner, so I’m claiming the retail as well), it could be a nice little block
Who is to blame for the loss of affordable housing? I admit that I don’t completely understand the bond issue. Why weren’t the city and state able to assist in the development of the affordable units?
@Benson. Ditto.
There’s enough fantasy luxury housing in the area to support a fantasy Fairway! Build it and they will come…