On June 19th, 2012, the Brooklyn Bridge Park Board of Directors voted to approve a mixed-use development including residential and hotel units, restaurant and retail space, as well as a banquet hall and fitness center on Pier 1 of the Brooklyn Bridge Park. This project will generate funds over the term of the lease to fund maintenance and operations of the park and allow Brooklyn Bridge Park to continue building and maintaining its beautiful waterfront park for future generations.
The NYC Office of the Mayor announcement (PDF) says the venture between Toll Brothers City Living and Starwood Capital Group will develop the 550,000 square foot complex that will include a 200 room luxury hotel and 159 residential units adjacent to Pier 1. The hotel will be called 1 Hotel and the proposed building plan will feature 16,000 square feet of restaurant space, 16,000 square feet of banquet and meeting space, 2,000 square feet of retail space, a 6,000 square foot spa and fitness center, and 300 parking spaces.
Over the course of the lease term, the development is projected to result in $119.7 million in net present value of revenue from a variety of sources to help fund the maintenance and operations of sections of the park that are built or underway. Upon completion, the project will generate a projected total of $3.3 million annually in rent and payments in lieu of taxes from residential unit owners and the hotel operator to maintain the park.
Development is expected to break ground by summer 2013 and open the hotel and residential building in the fall of 2015.
(Photo credit: Rogers Marvel Architects, PLLC)