City Prepping Big Residential Deal for Flatbush Ave
Coming to terms with market reality, the city is in the process of negotiating a $500 million development deal on Flatbush at Willoughby that would be primarily residential and retail instead of the originally envisioned commercial usage. According to the NY Sun, Albee Square (as it is being called) would have more than 800 apartments,…
Coming to terms with market reality, the city is in the process of negotiating a $500 million development deal on Flatbush at Willoughby that would be primarily residential and retail instead of the originally envisioned commercial usage. According to the NY Sun, Albee Square (as it is being called) would have more than 800 apartments, 20% of which would be “affordable housing”, 100,000 square feet of commercial and 500,000 square feet of retail space. What makes this particularly interesting is the speculation that the anchor tenant could be none other than Walmart. William Ross, executive director of sales for Halstead Brooklyn, called the site “the least objectionable space in all of Brooklyn for a Wal-Mart.” Under the contemplated deal, Thor Equities, which bought the development rights to the land in 2001 for $25 million, would sell them to a joint venture between PA Associates/Acadia Realty Trust and Avalon Properties. Negotiations are reportedly in the “final phases.”
City in Talks on Future of Big Site For Building in Downtown Brooklyn [NY Sun] LiveLocal
Anonymous December 14, 2006 5:45 PM
You are incorrect, Target has parking.
Check out the recent frontline on Wal-Mart that is running this week on PBS. And on their website. It’s not an advocacy type show, just serious reporting. But it demonstrates very clearly how Wal-Mart is drastically changing America through its practices. They import approx. $30bln annually from China and the people working in those factories (for pennies a day, living like slaves) have put so many Americans out of business that its no wonder we have to import so much cheap cr*p because so many people who used to have decent jobs are now out of work! Also the Chinese government is devaluing their own currency and supporting businesses over there so they can, “dump” cheap goods at a discount and ruin our economy. This stuff is no joke. I am all for an international economy, but that country is not being forced to abide by World Trade Organization rules. Nobody with a choice, or with a brain, or with anything like decent taste is going to live above Wal-Mart. So if the city wants to build only housing for the homeless then I say this is the place to do it. But let me tell the financial heavyweights who are considering this deal…you will be tainted forever and so will your property if this is something you are part of. Brooklyn will not allow Wal-Mart to insert itself in to this economy without a showdown. We are too smart for that. And of course have better taste too!
Anon123- we do all need a place to shop – but it isn’t going to be Walmart for me. Have you ever seen one of their stores – unless you like junk food and hideous clothes you won’t be buying much there. Also, isn’t the mix a little odd – all housing being built in Brooklyn these days is luxury condos – why open a store like Walmart for those upscale folks. And for that matter are the 200,000 new people all buying luxury condos. We aren’t producing anything else. Affordable housing seems to target more affluent middle class people too. Speculative overheated and bubble are the words that come to mind. All economic activity is cyclic and I am sure there is a correction in the not too distant future.
NeoGrec, there will be a large underground parking garage immediately adjacent to the project: http://www.nyc.gov/html/dcp/html/dwnbklyn2/dwnbklynplan13.shtml
population is forecasted to increase by 200,000 people by 2010 (four years) plus steady demand for existing product equals absorption. Plus we all need a place to shop. Every go to atlantic terminal and not be overwhelmed with people.
let me know.
Same question I always ask. Who is going to be living here? Is all of Minnesota moving to Brooklyn? Because if that’s not happening I think there are going to be a lot of empty apartments in downtown brooklyn in the next five to ten years. We’ve got 1) Atlantic Yards 2)the City’s plan to “renovate” public housing in Ft Greene/Clinton Hill to change the population 3)at least 20 luxury housing projects that are being built not to mention all of the ancilary development in Bed Stuy, Prospect Heights, Crown Heights, etc. Just seems like there is going to be plenty of supply without seemingly a lot of demand
I don’t want any Wal-mart but I don’t think it needs parking to be successful. Target at Atlantic Center and K-mart at Astor Place do fine without any. And the infrastructure in this area can carry plenty of customers (and does).
Sometimes people here sound just like suburban folks with fear that development will make life hell.
Yes, just a guess, but I’d bet there were many many more shoppers in downtown Brooklyn 50 years ago then today and I don’t recall anyone claiming it was hell.
Hard to imagine Walmart would find a large enough site at this location, especially for the parking that would be needed. And do the city planners think at all seriously about traffic impacts? Between Walmart and AY (hope neither happens, btw) the only way to travel around northern Brooklyn, besides on foot, will be by helicopter! There’s no way the current infrastruture can support this. And once the IKEA opens, you can get ready for traffic hell in Red Hook, the South Slope, Carroll Gardens and the Gowanus Express.
Anyone but Wal Mart. Their corporate policies are truly evil. They’ve managed to spread their low paying corporate policies to just about everywhere. I thought we were safe here in NY. I will not shop at Wal Mart. That makes no difference to them, but it’s something to me.