Toll Brothers' Gargantuan Gowanus Plans Revealed
HOLY COW! Gowanus Lounge has scored a tremendous scoop by unearthing the “scoping document” Toll Brothers filed with the Department of City Planning for its planned development between the Gowanus Canal, Bond Street, Carroll Street and Second Street. The firm is certainly not thinking small: Toll wants to build a 605,380-square-foot development with 577 units…
HOLY COW! Gowanus Lounge has scored a tremendous scoop by unearthing the “scoping document” Toll Brothers filed with the Department of City Planning for its planned development between the Gowanus Canal, Bond Street, Carroll Street and Second Street. The firm is certainly not thinking small: Toll wants to build a 605,380-square-foot development with 577 units of housing (130 of them affordable), 2,000 square feet of “community space,” and 2,000 square feet of retail. The buildings would be 4-12 stories tall. City Planning is going to hold a public scoping meeting on the project early next month. Toll Brothers has been looking to get a jump on the larger rezoning of Gowanus in order to move forward with the development, which it says it could complete by 2011.
The Starting Bell: Toll Brothers Reveal Gowanus Plans [Gowanus Lounge]
Toll Brothers Big Gowanus Project Revealed [Curbed]
Rendering from Gowanus Lounge.
A cyclical company like Toll Brothers is not going to be valued based on a current p/e ratio.
12:22 – I think they mean underwater parking spaces.
project to include 260 underground parking spaces…
The State probably isn’t responsible for remediation. If the site is contaminated, the developer can apply for admission into the State’s brownfield cleanup program. They’ll be required to remediate the site according to strict guidelines and with the oversight of the Department of Environmental Conservation (DEC). In return, the developer gets a liability release which prevents them from being sued (theoretically DEC could be held liable for approving the cleanup if adverse health effects ensue).
They are also potentially eligible for tax credits associated with the cleanup, but thats another story all together.
So no, there won’t be any “lawyers salivating.”
Will they have a marina where I can park my yacht?
The What
Sometimes…
Toll Brothers may, for now, have a market cap of 3.47 billion, but the most interesting number is the P/E ration: 99.59.
Rather reminiscent of dotcom bubble valuation, don’t you think?
“Toll Brothers… Insiders remain heavy sellers at that company, with $17.6 million in proceeds garnered from share sales in the past six months. It perhaps reflects the worldview of CEO Robert Toll, who remains pessimistic about the industry.”
This development is PERFECT for all the stroller-hating slopers. No self respecting parent would live there, exposing their child to untold pollutants, so it’ll be a single person’s (and barren couples’) playground! There will be lots of bars and restaurants and art galleries to cater to their free time, disposable income, etc. And much like retirement communities, there would be restrictions on children, checkpoints, etc.
11:42 – how about Toll Bros to start….