205 Water Street Plans Revealed

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The Community Board 2 committee approved Toll Brothers’ building design for the vacant land on 205 Water Street on Wednesday night. The Brooklyn Paper reports that the CB2 committee felt the design “fit the DUMBO context, committee members also said they appreciated that the developers did not shoot for the full 12 stories that the current zoning allows. Instead, the housing will remain at seven stories, except for one luxury condo unit that will extend to nine stories on one side.”

The project will contain 67 market-rate units and 86 parking spaces in an underground garage. The current zoning in the landmark district of DUMBO doesn’t require 20-percent of the units to be below-market-rate housing at each residential complex — but the landmark zoning of 2007 requires that the project be voted on by the Landmarks Commission. After the project reaches the full community board, it heads to the commission for an April 6 vote.

“We loved the gritty nature of this industrial area, and that was our inspiration,” said Navid Maqami of GreenbergFarrow, the project’s architects. “The rust colors, steel and concrete — these are what you find in DUMBO.” In a Crain’s article, David Von Spreckelsen, a senior vice president at Toll says “Besides Brooklyn Heights, this is the only desirable place in Brooklyn where we would want to do a project now,” He mentioned how little inventory there is in Dumbo and that “recent resales of existing condos in the neighborhood have been between $800 and $1,200 per square foot.”

Toll bought the vacant lot at 205 Water St. for $100 per square foot in December.

{CB2: This project takes no ‘Toll’ on DUMBO, 18Mar2010, Brooklyn Paper}
{205 Water Street Plans Revealed at Community Board, 18Mar2010, Brownstoner}

{Toll Brothers to Build Condos at 205 Water St, 07Jan2010}
{Demolition at 205 Water Street, 24Jan2007}
{In the Press: Demolishing 205 Water Street, 27Jan2007}
{Stop Work Order Violation Issued at 205 Water Street, 14Feb2007}

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