Developers Chosen for Brooklyn Bridge Park Hotel Complex
June 19th, 2012
The board of Brooklyn Bridge Park announced today the final plan for construction of a hotel and residency complex by the park’s Pier 1.
Toll Brothers City Living and Starwood Capital Group will collaborate on the approximately 550,000-square-foot complex, slated for completion in the fall of 2015, according to a press release from the mayor’s office.
“Brooklyn Bridge Park has quickly become one of the most loved public spaces along our city’s waterfront,” Mayor Bloomberg said in the release. “The major private investment is a vote of confidence in Brooklyn and its future as a great place to live, work and visit.”
The $295 million project is set to break ground next summer, generating as many as 510 jobs, both permanent and temporary. The board’s aim is to keep the park financially sustainable with a series of hotels along the piers – when completed, it will cost $16 million a year to run the park. They expect to take in $3.3 million yearly in rent and other payments, adding up to an expected $119.7 million net revenue by the end of the 97-year ground leases on the hotel and residential sites.
The mayor’s office also released four renderings of the proposed complex, showing its stone-and-glass facade and surrounding green space. Rogers Marvel Architects designed the 10-story hotel, called 1 Hotel, which will include 200 rooms, 18,000 square feet of banquet, meeting and retail space and a 6,000 square foot spa. There will also be a five-story building with 159 residential units.
“Today’s vote helps to ensure Brooklyn Bridge Park’s future,” NYC Parks Commissioner Adrian Benepe said in the press release.By Nina Goldman on June 19, 2012, 4:25 pm
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