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  #21  
Old Posted Feb 25, 2016, 2:42 PM
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Forest City in “very early” talks over Downtown BK site that could bring massive office tower

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Forest City Realty Trust acknowledged Wednesday that it’s in talks over a development rights transfer at its Pacific Park megadevelopment in Downtown Brooklyn that could potentially give rise to the largest office building in the borough.

Speaking on the company’s year-end earnings call, Forest City president and CEO David LaRue said the company is “really very early in the discussion” about development possibilities at 590 Atlantic Avenue, also known as Pacific Park’s Site 5.

But LaRue acknowledged that Forest City, through the Greenland Forest City joint venture partnership that is developing Pacific Park, has up to 650,000 square feet of development rights at a nearby plaza adjacent to the Barclays Center that could be transferred to Site 5.

“It’s really very early in the discussion about building [on the site], but it’s an opportunity to evaluate the right placement of that office square footage,” LaRue said.

Earlier this month, it was reported that Greenland Forest City was exploring the possibility of securing state approval for such a development rights transfer that would enable construction of a massive, 1.5 million-square-foot office tower at 590 Atlantic Avenue.

Forest City — which converted into a real estate investment trust at the start of this year — also discussed its outlook on the Brooklyn office and residential markets, in which it remains a sizable player.

On the residential side, the company said that despite “lots of supply” coming online in Brooklyn, it has seen “strength in demand” that has helped absorb new units. Executives pointed to strong leasing at Forest City’s 80 DeKalb Avenue residential tower in Downtown Brooklyn as an example, but also noted that, “at some point, supply may slow down rent growth.”

A strong Brooklyn residential market has also driven more attention than ever toward the Brooklyn office market, which has become an increasingly attractive proposition for developers as more of the borough’s populace has looked to work “closer to where they live.”
==============================
http://therealdeal.com/2016/02/24/fo...-office-tower/
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  #22  
Old Posted Feb 25, 2016, 2:47 PM
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I hope they do land a big tenant for this tower, but they do have smaller issues to get out of the way before they can build. I don't think the ESDC will get in the way of a major tenant trying to relocate here though.
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  #23  
Old Posted Feb 26, 2016, 5:45 PM
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Another plan in play...


http://therealdeal.com/2016/02/26/gr...-office-tower/

Greenland Forest City scopes out another Barclays Center site for office tower
Developer is already considering 1.5M sf skyscraper at Pacific Park





February 26, 2016


Quote:
Greenland Forest City is now looking at another possible site for an office tower near its Pacific Park development near the Barclays Center in Downtown Brooklyn.

Earlier this month, the developer — a partnership between Forest City Ratner Companies and Chinese real estate investment firm Greenland USA — was looking into securing the approvals needed to transfer up to 1.1 million square feet of development rights to 590 Atlantic Avenue. If the transfer takes place, a roughly 1.5 million-square-foot office tower could rise at the site, located close to Brooklyn’s largest transit hub at Atlantic Avenue.

Another possibility is a lot at the southwest corner of Atlantic and Sixth avenues directly behind the arena known as B4, DNAinfo reported. Right now, the site is for residential and some retail, according Forest City Ratner spokeswoman Ashley Cotton. But if the state government allows commercial rights from another Pacific Park building — 461 Dean Street on Flatbush Avenue — to be shifted to the site, a large office building could be built, DNAinfo reported.

Cotton told residents at a community board meeting that the changes would not add extra square footage to the complex or impact 2,250 units of affordable housing to be built within Pacific Park. No timeline for the plan was given.

Both plans need state approvals. At 590 Atlantic Avenue, currently the site of Modell’s Sporting Goods store and a P.C. Richard & Sons electronics and appliances store, Greenland Forest City presently has rights to build a 440,000-square-foot office property.

P.C. Richard recently filed a lawsuit against Forest City Ratner over the eminent domain condemnation of its location, as The Real Deal reported last month.


https://www.dnainfo.com/new-york/201...arclays-center

Developers Eye Two Sites for Office Towers Around Barclays Center





Quote:
The developers of the Pacific Park complex, formerly Atlantic Yards, are eyeing two new locations to build office towers within the 22-acre development, including a possible 1.5-million-square-foot building revealed last week.

Representatives of the developer, Greenland Forest City Partners, shared a rough sketch of the plan with residents at a public meeting Wednesday, focusing on two sites surrounding the Barclays Center: 580 Atlantic Ave., currently occupied by Modell’s and P.C. Richard & Son, and a lot at the southwest corner of Atlantic and Sixth avenues directly behind the arena known as B4.

Currently, usage of the B4 site is limited to residential and “some retail” by a state-approved project plan, said GFCP spokeswoman Ashley Cotton. But the company is hoping the state will allow office space to be built there by shifting commercial rights — previously reserved for another Pacific Park building, 461 Dean St. on Flatbush Avenue — to the Atlantic Avenue site.

“We elected to do residential [at 461 Dean St.] instead. So, now we’d like to examine potential commercial use along Atlantic Avenue, instead of Flatbush,” she told residents at the community update meeting Wednesday night.

The B4 building would act as a bookend, she said, to a much larger building GFCP is planning to build nearby. That tower, at 580 Atlantic Ave., or “Site 5,” would use up to 1.1 million square feet of air rights currently controlled by the developers in front of the Barclays Center — where the subway station, plaza and distinctive “oculus” feature on the arena are now located — combined with 439,000 buildable square feet currently allowed on Site 5.

If the air rights transfer is approved by the agency that oversees the project, the Empire State Development Corporation, the resulting tower could be up to 1.5 million square feet, Cotton said.

GFCP shared no renderings, designs plans or height estimates for either building.
Dismayed residents at the meeting tried to visualize what such a building would look like; one suggested comparing it to an 18-story Pacific Park building, 535 Carlton Ave., currently under construction at the corner of Carlton Avenue and Dean Street, about a fifth of the potential square footage of the planned Site 5 building.

Cotton stressed that the changes in usage for both sites will add “no extra square footage” to the complex and will not change “in any way” the 2,250 units of affordable housing to be built within Pacific Park. Affordable units previously planned to be built within B4, she said, will be accommodated elsewhere in the complex.

A precise timeline for the project is unclear. The proposed changes at Site 5 will require an environmental impact study, Cotton said, and approval from the ESD board. But the developers are eager to “move this thing," she said.

“Our planners… think it’s a good idea and we want to move this quickly, so if we could get a scoping hearing this spring, that’d be great,” she said. “But … obviously, it takes a lot of process to get there.”


In addition, before any potential construction begins at Site 5, the state must seize the property through the use of eminent domain on behalf of the developers. An official for ESD said the agency has made offers to purchase the property, but no formal application to condemn the lot has yet been made.

The ESD official also said a review of the project plan, including public hearings, would begin when the developers officially present a proposal about the transfer of development rights to the agency, which they have not yet done, he said.
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  #24  
Old Posted Feb 29, 2016, 6:17 PM
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I wonder if this tower will aim to attract finance tenants? That sector is booming and a lot of companies are allocating workers there. JP Morgan being one of them.
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  #25  
Old Posted Apr 26, 2016, 3:36 PM
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http://www.crainsnewyork.com/article...NION/160419960

The Brooklyn boom could get much bigger. Here's how
Unlock the borough's commercial potential before it becomes a victim of its own success


By Tucker Reed and Eric L. Adams
April 20, 2016


Quote:
Nearly 12 years have passed since a 2004 rezoning that led to downtown Brooklyn’s meteoric rise. Allowing more density and a mix of uses produced much to be proud of in the neighborhood—as well as a few changes that took everyone by surprise.

The unexpected surge of downtown residential construction in the mid-2000s demonstrated the demand for high-rise living in the outer boroughs. Williamsburg and Long Island City soon followed suit as a wave of new growth cascaded up and down the East River, a trend that will likely continue for decades.

While the proliferation of residential development is much needed in a city facing an ever-increasing demand for housing, it also strains our infrastructure. In downtown Brooklyn, the city wisely invested close to $400 million in pedestrian and public-space improvements. However, that same foresight did not extend to essential services, in particular school capacity.

For example, a paltry 220 or so seats are currently available for more than 2,100 expected students in the next few years. Thanks to our advocacy in concert with community partners, the School Construction Authority has seen the magnitude of what lies ahead and budgeted to create new classrooms in its latest capital program amendment.

A fresh look at other vital services—including sanitation, health care and transportation—is warranted, given the influx of new residents. Even mundane protocols such as parking regulations are probably out of date. The ubiquitous abuse of municipal placard permits throughout downtown Brooklyn—a hangover from times when the office market was dominated by government tenants—can at times turn our streets into a labyrinth of dysfunction, creating unnecessary traffic jams and unsafe conditions for bicyclists and pedestrians.

However, the market’s voracious appetite for housing may finally be the key to unlocking the borough’s true commercial and job-creating potential.

According to a recent report by the Brooklyn Chamber of Commerce, Brooklyn has consistently outperformed the city and state in job growth since 2000, while avoiding significant job losses during the recession. In 2014, Brooklyn experienced the fastest increase in jobs (5.8%) in more than a decade, significantly outpacing the city and state averages (3.3% and 1.9%, respectively). Brooklyn added approximately 91,000 jobs between 2009 and 2014.

The growth stems from firms’ desire to locate where their talent lives—and it lives in Brooklyn. The borough has led the city in housing production over the past 14 years, accounting for 30% of all units produced in New York City between 2000 and 2014. This growth has brought with it a well-educated workforce between the ages of 25 and 54, a population with the highest labor participation rates and the greatest resilience to employment cycles.


Furthermore, the borough’s preponderance of educational institutions (20 colleges, universities and graduate schools with more than 120,000 students); excellent transportation networks as well as innovative ferry and streetcar proposals under discussion; and great neighborhoods make for a fantastic environment in which to live and work.

Yet the borough is rapidly becoming a victim of its own success. The commercial vacancy rate downtown is a meager 1.6%. The borough is starved for office space and the private sector is responding. For the first time since the 1990s, new office space is being developed in the borough—and it is not limited to downtown. Sunset Park, DUMBO, the Brooklyn Navy Yard and Williamsburg are attracting their share of office workers as well.

However, these developments will barely move the needle. Brooklyn has just under 45 million square feet of office space—a tenth of Manhattan's 450 million. To truly satiate demand and allow for firms to grow and stay in the borough, we must look beyond basic market forces to generate the additional commercial density needed to secure the future of Brooklyn’s economy.

In downtown Brooklyn, the city's third largest business district, we should not sit by passively and simply let momentum guide us. Instead, we must capture this unique opportunity to foster a mix of uses and meet the original goals of the neighborhood rezoning.

The city should re-examine land use policy downtown and in underutilized areas of the Brooklyn Tech Triangle and fast-track commercial development, including by exploring the relocation of more government office space from downtown to other locations in the borough such as Broadway Junction. Not only will this free up much-needed commercial space in our central business district, but it could also help catalyze economic revitalization in an underserved part of Brooklyn.

We must also explore tools that increase the supply of affordable housing in and around downtown. Left to today’s unfettered market, and historically high land prices, we are bound to experience the almost exclusive proliferation of luxury condo development if steps are not taken to ensure the continued affordability of housing. At the same time, increasing allowable density for office uses will provide an alternative to residential as the highest and best use in the area, and finally realize the original vision of downtown Brooklyn as a 21st-century office market.

The time is right to harness the private sector’s demand for land in Brooklyn, and use it to achieve public policy objectives that will bring quality jobs, affordable housing, open space and quality-of-life services. Let’s reap the benefit of history and perspective by taking the lessons of the last decade and applying them to the next. The city should create a clear road map toward holistic growth that helps downtown Brooklyn become a premier live-work destination.

Tucker Reed is president of the Downtown Brooklyn Partnership. Eric L. Adams is Brooklyn borough president.
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  #26  
Old Posted Apr 26, 2016, 6:38 PM
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I completely agree with this thinking, but would take the benefits of additional commercial development one crucial step further:

Currently the vast majority of the people moving to this part of Brooklyn (Gowanas, Fort Greene, Park Slope, Prospect Park, Bed Stuy, Clinton Hill, Crown Heights, Prospect Lefferts Gardens…) work in Manhattan. The problem is that commuting times place a natural limit on the expansion of residential development deeper into the borough, as neighborhoods further to the east have subway commutes that rival or exceed train commutes from the suburbs.

By increasing the number of jobs in Downtown BK, however, you open up the deeper parts of the borough for residential development for the people who work there.

This approach benefits everyone. De Blasio laments the ghettofication of certain neighborhoods that have been left behind in terms of crime reduction and job growth, and also wants to find ways to finance substantial amounts of affordable housing. The solution is to greatly increase the number of New Yorkers who work in Downtown Brooklyn, making neighborhoods like Brownsville (45 mins to Park Avenue, but only 13 to Barclays Center) a reasonable commute. By increasing the demand for market rate housing in such neighborhoods the city can more greatly leverage the number of affordable housing units that can be extracted in exchange for a rezoning. In addition, the mix of economic backgrounds and increased tax revenues will make it possible to attract better retail and public services (police and schools) to improve quality of life there.

To really jump start this process they should increase the FAR for commercial office usage in Downtown BK to tip the balance away from luxury condos as the highest and best use.
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  #27  
Old Posted Apr 26, 2016, 8:51 PM
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^ I think the broader goal of the neighborhood rezonings de Blasio has planned (along with better transportation options along the east river, such as the streetcar idea) would go a long way towards that. I think if whatever remaining parking lots in Downtown Brooklyn were rezoned in such a way to encourage more commercial development, we could see the market respond.

First off though, is to get this tower approved, built, and leased. Along with 420 Albee Sq, that would be two major office additions to the area, with great transit and access not only to Bk and the City, but Long Island as well.



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Last edited by NYguy; Apr 26, 2016 at 9:03 PM.
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  #28  
Old Posted Apr 26, 2016, 10:12 PM
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^That Atlantic Center Mall is looking awfully silly. It's too bad that midrise office building was built on top because without it a large scale mixed use redevelopment would be all the more easy. Surely this is on FCR's radar. They still own it right?
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Old Posted Apr 27, 2016, 12:17 AM
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  #30  
Old Posted Apr 27, 2016, 4:10 AM
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^ I'm thinking this could be another signature tower for Brooklyn, the way 9 Dekal (340 Flatbush) will be.



Quote:
Originally Posted by Busy Bee View Post
^That Atlantic Center Mall is looking awfully silly. It's too bad that midrise office building was built on top because without it a large scale mixed use redevelopment would be all the more easy. Surely this is on FCR's radar. They still own it right?


Yeah.


Quote:
It's possible that this, like so much regarding this project, is a gambit, and they will "accept" a compromise in which 100,000 or more square feet are shaved off.

Or that some of the development rights might be moved to Forest City Ratner's Atlantic Center Mall, which already has the option to build about 1.1 million square feet (1.586 million square feet minus the Site 5 development rights) in three towers over the mall.
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  #31  
Old Posted May 2, 2016, 7:13 PM
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http://therealdeal.com/issues_articl...ns-second-act/

Downtown Brooklyn’s second act
After a 2004 rezoning spurred residential development, the neighborhood is now vying to become a tech hub


May 01, 2016
By Farah Halime


Quote:
....MaryAnne Gilmartin
President/CEO, Forest City Ratner


The neighborhood’s rezoning in 2004 has been credited with spurring tremendous development. But it was largely driven by residential development. Why did that happen?

Downtown Brooklyn’s rezoning went in a completely different direction than was planned. I don’t think anybody, including Forest City, ever imagined the residential market would kick in like it did. We thought we’d see a third central business district thrive and an expansion of the office market as a result of the zoning, but that didn’t happen. It started with the food movement and then the artists. They all flocked to Brooklyn. Certainly, government policies, including the allowance for taller buildings to spur the office market, allowed for market forces to respond so that residential development took over.

It’s no secret that new office complexes like Dumbo Heights and Empire Stores are wooing firms from the tech sector. Can Downtown Brooklyn compete with neighborhoods like Dumbo for TAMI-sector tenants? Do you envision a major company moving its headquarters to Downtown Brooklyn in the near future?

When you think about office markets and where people locate, discussing location is much more powerful than it was in the 1980s. The TAMI worker, the TAMI professional and student, all want to be in Brooklyn. The relative cost of a company to relocate to Brooklyn is highly compelling. The fact that there’s an engineering school going up on Jay Street, for example, allows for the creation of the new kind of 21st-century worker in Brooklyn. The traditional finance sector that was located in MetroTech has been replaced by NYU, Tough Mudder and Makerbot. They’re looking for a competitively priced space run by grown-ups.

What kind of development or investment opportunities are you eyeing in the Downtown Brooklyn area right now? Any deals you can share with us?

Obviously we’ve got our work cut out for us over in Pacific Park, but I’m a big believer in the office market. Brooklyn is ready for a sophisticated office tower; the idea that it could be built on Flatbush and look straight across at the Manhattan Bridge would be ideal. It requires a lot of work and a bit of patience. Jay Street has also been a confused street for a while. We haven’t had a kind of entrance to MetroTech there, and you sort of trip into it. There’s some unused air rights that NYU has in that area that could be interesting.
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  #32  
Old Posted May 12, 2016, 2:51 AM
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http://www.netsdaily.com/2016/5/11/1...of-skyscrapers

Barclays Center soon to be a clearing in a forest of skyscrapers
An update on the skyline around Barclays Center.







By Net Income
May 11, 2016


Quote:
Forest City Ratner has informed city authorities that the 33-story tower at the "back" of Barclays Center will be competed in October, the first of what will ultimately be a forest of skyscrapers surrounding the arena and strong along Atlantic, Flatbush and cross streets. And some of those towers could reach 70+ stories and 1,000 feet.

Anyone who's been to Barclays Center this year can see the outlines of a new skyline around the arena. The original Atlantic Yards (now Pacific Park) plan called for 16 towers and an arena designed by Frank Gehry. The plan remains the same but a lot of things have changed ... starting with the architect.

The first of the three towers on the arena block, 461 Dean, is the tower closet to completion. As noted, it will be 33 stories. The other two on the arena block will be 23 and 52 stories. The first, a residential tower at 38 Sixth Avenue has just started construction; the other, an office tower in revised plans, is expected to rise next year.

.....But the big news has yet to be revealed. Bruce Ratner originally planned to build a giant office tower where the arena plaza sits, to be called "Miss Brooklyn.". But the plaza is now seen as a community amenity. So Ratner and his Chinese partner, Greenland, want to move the bulk of that planned tower to "Site 5," where P.C. Richards and Modell's are now. No one is yet saying how big it will be, but it could be the tallest tower on the site. Critics are calling it the "Brooklyn Behmoth." How tall? Ratner representatives have said it would resemble the Time Warner Center in Manhattan.

And that's just on the Atlantic Yards/Pacific Park property. A few blocks north of Barclays is 333 Schermerhorn, which will top out at 56 stories. It's clearly visible from the entrance plaza at Barclays. Two months ago, two developers, working with SHoP, architects for the arena and the three towers surrounding it, proposed a 1,066-foot, 73-story tower at 9 DeKalb, above the DeKalb Avenue subway station a few blocks from the arena. It would be twice as tall as the Williamsburg Savings Bank.

Of course, there's already a tower atop the Atlantic Terminal across Atlantic Avenue ... and Ratner reportedly has the right to build three other towers atop the five story mall across the street from Barclays.
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  #33  
Old Posted May 12, 2016, 4:37 AM
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That's great news. Hopefully it will resemble a smaller Manhattan West.
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  #34  
Old Posted Feb 6, 2017, 9:26 PM
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Conceptual images...











































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  #35  
Old Posted Feb 6, 2017, 9:34 PM
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From the anti-Atlantic Yards/Pacific Park blog...


http://atlanticyardsreport.blogspot....er-empire.html

P.C. Richard goes to court after Empire State Development doesn't deliver FOIL documents in Site 5 dispute

February 01, 2017


Quote:
Guess what--it's not just journalists like me who have trouble getting responsive documents after filing Freedom of Information Law (FOIL) requests with Empire State Development (ESD), the state authority overseeing/shepherding Atlantic Yards/Pacific Park.

It's also a big-firm attorney for P.C. Richard, who's just gone to court to get those documents.

The electronics store last year sued to stall the planned eminent domain proceeding regarding its store at Site 5, across from the Barclays Center, claiming that original project developer Forest City Ratner promised the company space in the replacement building. That has put on hold developer Greenland Forest City Partners' plans for a massive two-tower project.

The attorney, Robert H. Baron of Cravath, Swaine & Moore, has now sued to get ESD to deliver some documents requested via FOIL but not delivered.



P.C. Richard filed a broad FOIL request on 5/19/16 regarding Atlantic Yards documents. After a 6/9/16 email from ESD, lawyers for P.C. Richard spoke with Lesley Hall, ESD’s Records Access Officer, who said a narrowed request limited to Site 5 could produce produce responsive documents faster, according to documents filed in the suit (see below),

On 6/29/16, P.C. Richard produced an amended FOIL request. ESD then responded on a monthly basis, over the next seven months, saying it was working on the request. (I've gotten that kind of response too.)

So P.C. Richard went to court. "The Subpoena is substantially identical to the Amended FOIL Request. Compliance with the Subpoena therefore should impose no burden upon ESD beyond what ESD claims it has already been doing since no later than October 3, 2016," the lawyer wrote.

A judge is considering the request. In an order issued 1/25/17, Supreme Court Justice Sylvia Ash ordered ESD to show up in court 3/29/17 to explain why the proposed order should not be granted.

It's not clear to me if that deadline helps or hurts P.C. Richard. It initially sought documents on or before 2/6/17, in advance of a 2/15/17 deadline to complete depositions. The usefulness of the documents, then, depend on whether that that deadline stands or is extended. (I queried Baron, but didn't hear back.)
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  #36  
Old Posted Feb 7, 2017, 9:26 PM
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I think scenario 4 would be make more sense from the standpoint that it would be good for the business community along with tourism. More hotels are needed. DoBro has become the spot to be, and I think more high end hotels to cater to the growing tech and international business scene is needed. Just the bookings around the holidays and summer season would make the hotel portion profitable along with having offices there. Preferably finance related or anything involving client to client business. More jobs, and residential will follow.
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  #37  
Old Posted Feb 7, 2017, 10:53 PM
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I think 4 is best also, there is already plenty of residential being built in the area. Maximize the office component, though I wish this were a one tower design. I wonder if SHoP would be brought in for this one. Bring back Gehry if you have to, but I want a standout design.
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  #38  
Old Posted Feb 27, 2017, 11:20 PM
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https://therealdeal.com/2017/02/27/g...-richard-site/


Greenland-Forest City to take over P.C. Richard site
JV may build a massive office project on property



February 27, 2017


Quote:
Cleveland-based Forest City Realty Trust will likely transfer its interest in 590 Atlantic Avenue to the joint venture, according to journalist Norman Oder’s blog Atlantic/Pacific Report. The company is considering building two mixed-use towers at the site, which would be developed through the joint venture. A smaller tower — 250-feet tall and 439,050 square feet — is already approved at the site, known as Atlantic Center Site V or Site 5. Forest City is looking into transferring 1.1 million square feet of development rights to the property to make way for a larger complex.

The real estate investment trust listed the site — currently home to P.C. Richard & Son and Modell’s — among “likely dispositions” in documents posted for investors on Monday.
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  #39  
Old Posted Feb 28, 2017, 4:08 AM
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I hate NIMBYs. Why not welcome the tower, assholes.
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  #40  
Old Posted Mar 1, 2017, 12:42 AM
antinimby antinimby is offline
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Brooklyn has no modern signature office tower. Hopefully this will be that one.
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