Who would want to live on the shores of a Superfund site? Maybe the better question is, who would want to own a place on one?
Toll Brothers killed their plan to build a new housing complex on the Gowanus Canal two years ago when the U.S. Enviornmental Protection Agency decreed the canal was toxic, despite protests and counter-proposals from the Bloomberg administration. That is why the news earlier this month that the Lighthouse Group was going to develop the site was so surprising. But part of the developer’s secret appears to be hundreds more units and renting them rather than selling them.
Curbed got the full details at a community board meeting last night.
The Toll Bros. plan to build 447 market rate condos was seemingly scotched by the designation of the Gowanus canal as a Superfund site. Lightstone’s plan calls for a building virtually the same size, but with 560 market rate apartments and 140 affordable housing apartments. There will be retail space along the Bond Street side of the development and community spaces on the canal and 1st Streets. And instead of turning its back on the canal, the Lightstone plan is treating the infamous waterway as a major amenity and includes a waterfront promenade.
Love the slime, don’t hate it! And if things do grow foul, just don’t renew that lease next year.