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	<title>Observer &#187; Here Come the Brooklyn Bridge Park Condos [Video]</title>
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		<title>Observer &#187; Here Come the Brooklyn Bridge Park Condos [Video]</title>
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		<title>Here Come the Brooklyn Bridge Park Condos [Video]</title>

		<comments>http://observer.com/2011/08/here-come-the-brooklyn-bridge-park-condos/#comments</comments>
		<pubDate>Thu, 04 Aug 2011 21:04:18 -0400</pubDate>
					<link>http://observer.com/2011/08/here-come-the-brooklyn-bridge-park-condos/</link>
			<dc:creator>Matt Chaban</dc:creator>
				
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		<description><![CDATA[<p><div id="attachment_173940" class="wp-caption alignleft" style="width: 310px"><a href="http://nyoobserver.files.wordpress.com/2011/08/bbp_pier1.png"><img class="size-medium wp-image-173940" title="BBP_Pier1" src="http://nyoobserver.files.wordpress.com/2011/08/bbp_pier1.png?w=300&h=131" alt="" width="300" height="131" /></a><p class="wp-caption-text">Bridging the public and private. (BBP)</p></div></p>
<p>Just yesterday, <em>The Observer </em>reported that<a href="http://www.observer.com/2011/08/on-second-thought-still-plenty-of-condos-at-bbp-some-coming-soon/"> a request for proposals for a third development site at Brooklyn Bridge Park</a>, which was not part of <a href="http://www.observer.com/2011/08/god-willing-brooklyn-bridge-park-will-have-less-condos/">a deal announced the day before</a> to reduce the amount of development in the park, was expected "shortly." Turns out shortly meant one day.<!--more--></p>
<p>The city-run Brooklyn Bridge Park Corporation is now <a href="http://www.brooklynbridgeparknyc.org/about-us/business-opportunities/pier-1-hotel-residential-development">seeking developers for two parcels adjacent to Pier 1</a>, one rising to 100 feet and covering 65,000 square feet and the other 45 feet and 35,000 square feet. These two will house a combination of 225 hotel rooms and 150 apartments or 175 hotel rooms and 180 apartments. The project will be built by the same developer, along with inducements for ground-floor dining along with parking, restrooms and support facilities for the park.</p>
<p>"The hotel and residential component represent a critical element of our park maintenance plan and the development’s amenities will benefit all park users for decades to come,” BBP president Regina Myer said in a release.</p>
<p>Payments in lou of taxes, or PILOTs, from the two parcels are expected to fund a portion of the park's maintenance. Already One Brooklyn Bridge Park, the hulking converted warehouse on the park's southern under, has contributed a few million dollars to the fund since 2006. Construction costs are still coming from the city, which in part of Tuesday's deal pledged $55 million to begin work on Pier 2. Responses are due October 24.</p>
<p>It is not surprising that Pier 1 is the first ground-up site to be developed. The Empire Stores was to have been converted years ago, but stability, preservation and disagreements over its commercialization held that up. Meanwhile, <a href="http://www.observer.com/2010/real-estate/brooklyn-bridge-park-opens-plans-housing-park-are-flux">Pier 1 opened last year</a>, providing developers the best front yard possible, so to speak. The other sites, at Atlantic and John streets are next to plots still under development.</p>
<p>For those who feel that <a href="http://www.observer.com/2010/real-estate/brooklyn-willoughby-square-latest-libertarian-park">private property built on public parkland is a problem</a>, the city has gone ahead and transformed Brooklyn Bridge Park from boring old public space into a full-on brand, as evinced in this video that accompanies the RFP. Wedged between America's Oldest Suburb and <a href="http://www.observer.com/2011/real-estate/strolling-silicon-beach">Silicon Beach</a>, this fits nicely with<a href="http://www.observer.com/2011/07/brooklandia-the-portlandification-of-the-better-borough/"> the borough that has become a way of life</a>.</p>
<p><embed src="http://blip.tv/play/hYh%2Bgsv3aQI" type="application/x-shockwave-flash" width="620" height="387" wmode="transparent" allowscriptaccess="always" allowfullscreen="true" ></embed></p>
<p><strong><a href="mailto:mchaban@observer.com">mchaban [at] observer.com</a></strong> |<strong> <a href="http://twitter.com/MC_NYC">@MC_NYC</a></strong></p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_173940" class="wp-caption alignleft" style="width: 310px"><a href="http://nyoobserver.files.wordpress.com/2011/08/bbp_pier1.png"><img class="size-medium wp-image-173940" title="BBP_Pier1" src="http://nyoobserver.files.wordpress.com/2011/08/bbp_pier1.png?w=300&h=131" alt="" width="300" height="131" /></a><p class="wp-caption-text">Bridging the public and private. (BBP)</p></div></p>
<p>Just yesterday, <em>The Observer </em>reported that<a href="http://www.observer.com/2011/08/on-second-thought-still-plenty-of-condos-at-bbp-some-coming-soon/"> a request for proposals for a third development site at Brooklyn Bridge Park</a>, which was not part of <a href="http://www.observer.com/2011/08/god-willing-brooklyn-bridge-park-will-have-less-condos/">a deal announced the day before</a> to reduce the amount of development in the park, was expected "shortly." Turns out shortly meant one day.<!--more--></p>
<p>The city-run Brooklyn Bridge Park Corporation is now <a href="http://www.brooklynbridgeparknyc.org/about-us/business-opportunities/pier-1-hotel-residential-development">seeking developers for two parcels adjacent to Pier 1</a>, one rising to 100 feet and covering 65,000 square feet and the other 45 feet and 35,000 square feet. These two will house a combination of 225 hotel rooms and 150 apartments or 175 hotel rooms and 180 apartments. The project will be built by the same developer, along with inducements for ground-floor dining along with parking, restrooms and support facilities for the park.</p>
<p>"The hotel and residential component represent a critical element of our park maintenance plan and the development’s amenities will benefit all park users for decades to come,” BBP president Regina Myer said in a release.</p>
<p>Payments in lou of taxes, or PILOTs, from the two parcels are expected to fund a portion of the park's maintenance. Already One Brooklyn Bridge Park, the hulking converted warehouse on the park's southern under, has contributed a few million dollars to the fund since 2006. Construction costs are still coming from the city, which in part of Tuesday's deal pledged $55 million to begin work on Pier 2. Responses are due October 24.</p>
<p>It is not surprising that Pier 1 is the first ground-up site to be developed. The Empire Stores was to have been converted years ago, but stability, preservation and disagreements over its commercialization held that up. Meanwhile, <a href="http://www.observer.com/2010/real-estate/brooklyn-bridge-park-opens-plans-housing-park-are-flux">Pier 1 opened last year</a>, providing developers the best front yard possible, so to speak. The other sites, at Atlantic and John streets are next to plots still under development.</p>
<p>For those who feel that <a href="http://www.observer.com/2010/real-estate/brooklyn-willoughby-square-latest-libertarian-park">private property built on public parkland is a problem</a>, the city has gone ahead and transformed Brooklyn Bridge Park from boring old public space into a full-on brand, as evinced in this video that accompanies the RFP. Wedged between America's Oldest Suburb and <a href="http://www.observer.com/2011/real-estate/strolling-silicon-beach">Silicon Beach</a>, this fits nicely with<a href="http://www.observer.com/2011/07/brooklandia-the-portlandification-of-the-better-borough/"> the borough that has become a way of life</a>.</p>
<p><embed src="http://blip.tv/play/hYh%2Bgsv3aQI" type="application/x-shockwave-flash" width="620" height="387" wmode="transparent" allowscriptaccess="always" allowfullscreen="true" ></embed></p>
<p><strong><a href="mailto:mchaban@observer.com">mchaban [at] observer.com</a></strong> |<strong> <a href="http://twitter.com/MC_NYC">@MC_NYC</a></strong></p>
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