Developers greenbelt dream about to be realized in Brooklyn.

Dwelling Research Corporation, a Brooklyn-based development and management firm, aided by iCap Realty Advisors, Inc., has obtained $4,000,000 in project financing from Hudson Valley Bank (Yonkers, NY) to realize Greenbelt, a new and innovative condominium development in Williamsburg, Brooklyn.

The proceeds will be used to construct approximately 9650 s/f of residential space and 4000 s/f of ground floor commercial space designated for purchase by a local artist. Greenbelt will alter the existing one-story warehouse on the site and will construct five new stories with eight residential units and one commercial unit. Greenbelt will be the first L.E.E.D.-rated 'green' building of its size and type in New York City.

Preliminary site work began in January 2006 and construction is set to commence later this month and should be complete by October 2006. Corcon of Hempstead, NY has been selected as General Contractor.

Greenbelt is located on 361 Manhattan Avenue between Jackson and Withers Streets. The developers took the name "greenbelt" from the ideal of the same name used by the famous architec, Le Corbusier, who believed that artificial, man-made elements in the metropolis should be integrated with the environment. The name also refers to the dominant architectural design element of the facade--a sinuous belt that runs from floor to floor.

Greenbelt seeks L.E.E.D. certification from the U.S. Green Building Council. The project has already received grants from the New York State Research and Development Authority (NYSERDA) to develop "green measures" and energy efficiencies. Greenbelt has also received special designation as an "Energy Smart Communities Partner" from NYSERDA.

According to Derek Denckla, of Dwelling Research Corp., "We believe that Greenbelt represents a bold new direction for in-fill development in Williamsburg. Greenbelt will demonstrate the feasibility of implementing striking visual design and innovative green measures on a relatively small scale."

Denckla added, "Greenbelt incorporates an unusual mixed-use component--specifically aimed at slowing the displacement of local artists who have made the Williamsburg area desirable to developers but who are often being priced out."

Award-winning, Brooklyn-based architect for Greenbelt, Gregory Merryweather, said, "Greenbelt is a departure from the dull brick facades and usually cookie-cutter interiors of 90% of the new development in Brooklyn. Our careful attention to creating a simple and robust green design permeates each element of this project."

Alexander McFarlane of Community Environmental Center, who helped design the green measures, said that Greenbelt will generate a portion of the building electricity with solar panels on the roof. The green design implements the use of highest energy efficiency resources, such as heating and cooling systems, energy recovery, fresh air circulation, Energy Star appliances, weather-sealing and recycled building materials.