Former Rose Plaza Site on the Market for $210M

The massive, 3.75-acre development site at 462-490 Kent Avenue is on the market for a whopping $210,000,000. It’s an entire waterfront block bounded by Kent Avenue to the east, Division Street to the south and the Schafer Landing project to the north. Eastern Consolidated is marketing the site, saying it can accomodate approximately 816,000 square feet of mixed-used, mixed-income development. This is the former Rose Plaza site, where plans were in place for three buildings and 801 units years ago. According to Eastern Consolidated, preliminary plans and approvals have been obtained through a Uniform Land Use Review Procedure for a slightly different design than previously reported. Here’s more info:

The ULURP currently in place calls for 754 apartments constructed over five separate buildings, three of which are high-rise towers with low-rise bases; some 226 of these units will be designated for affordable housing. Over 29,000 square feet of street-level retail is designated within the ULURP approval along with 496 garage parking spaces. The project also creates a significant amount of waterfront park land with public access, as well as significant private garden green spaces for residents.

The affordable housing component calls for 70 percent market rate, 30 percent affordable. Right now the site is partially occupied by the Boro Park Certified Lumber & Home Center, but it will be delivered vacant at closing.
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