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Old Posted Apr 7, 2016, 3:47 PM
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chris08876 chris08876 is offline
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Location: New Jersey - Somerset County
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TF Cornerstone Is Latest Developer to Set Its Sights on DoBro

Before the New York City Department of City Planning rezoned Downtown Brooklyn in 2004, the neighborhood was one in which the sidewalks were rolled up after 6 p.m. The area only had one major hub: the MetroTech Center, which was developed in the 1980s.

But in the last decade, the business district between Brooklyn Heights, Boerum Hill and Fort Greene has become one of the hottest places to develop residential buildings in the borough, even if that wasn’t the intent of the 12-year-old zoning policy enacted in 2004.

TF Cornerstone is joining a range of other big developers in Downtown Brooklyn, from Douglas Steiner to John Catsimatidis, (and not to mention a few marquee project names such as the Ace Hotel, which is going to be opening on the corner of Bond and Schermerhorn Streets) as it prepares for the launch of its first multifamily project in the borough. The development at 300 Livingston Street, which is slated to come online by mid-2017, will stand at 25 stories and contain 714 units, 20 percent of which will be affordable, along with two floors of retail. That 55,000-square-foot retail component is key to what TFC is trying to do for the neighborhood, executives at the firm told Commercial Observer.

“[What] was very interesting here, which we don’t typically have the opportunity to do when we go into emerging markets, is being able to create a very attractive retail component,” said Jeremy Shell, the head of finance and acquisitions at TFC. “Usually you’re creating amenity retail, and you’re losing money on the retail to create the neighborhood. And here, because of what Downtown Brooklyn has become and is going to become, we think we’re going to do something really special.”