Two Trees tapped by EDC for Downtown Brooklyn project.

David Walentas and Two Trees Management, the developer responsible for puffing the Brooklyn neighborhood known as DUMBO on the map, has been selected by the New York City Economic Development Corporation (EDC) to develop a 500,000-SF mixed-use project on the site of a city-owned parking lot at Atlantic and Court streets in downtown Brooklyn.

Andrew M. Alper, president of EDC, announced that Two Trees Management Company has been chosen to develop the 47,000-SF city-owned site on the border of Brooklyn Heights and Cobble Hill in Downtown Brooklyn. The proposed project will contain residential, retail, community and parking components.

"This project will provide a host of needed facilities for the surrounding communities," said Alper. "It will not only enliven the streetscape with quality retail, it will also create attractive housing, and extend community services in Downtown Brooklyn. I am especially pleased that David Walentas and Two Trees Management are bringing their development skills and intimate knowledge of Brooklyn to the downtown area."

Plans for the project call for the construction of an approximately 500,000-SF, mixed-use development with approximately 20,000 SF of retail space, approximately 240 residential units and approximately 540 below grade parking spaces. The project will also house an approximately 40,000-SF facility for the YMCA of Greater New York. The project will create more than 700 construction and 130 permanent jobs for the community. Two Trees expects to invest approximately $66 million in the project, which will generate approximately $54 million in revenue for the city.

The YMCA plans to develop a family-oriented facility in the new complex. It will feature a five-lane collegiate swimming pool, as well as a health and wellness center to complement services currently available in Downtown Brooklyn.

"This is the only development site out side of DUMBO that we have looked at in 15 years. Our new building will provide badly needed apartments and neighborhood retail with a flagship YMCA," said David C. Walentas, president of Two Trees Management. "It will eliminate a huge eyesore at a critical intersection and link the residential neighborhoods of Brooklyn Heights, Cobble Hill and Boerum Hill with Downtown Brooklyn."

The site, located at 233 Atlantic Avenue on the corner of Court and State Streets, is near the courts in Downtown Brooklyn, as well as the downtown shopping and office districts and the residential areas of Brooklyn Heights, Cobble Hill and Boerum Hill. There is also a new Regal Cinema and a Barnes and Noble bookstore one block away on Court Street.

Deputy Mayor for Economic Development and Rebuilding Daniel Doctoroff said, "EDC received many excellent proposals for the development of this property, but this project offered the best combination of job creation, needed housing, quality shopping, increased parking, and expanded community services. We are confident that Two Trees Management has the experience and capability to complete the project."

Two Trees Management was selected to develop the property as a result of a Request for Proposals (RFP) issued by EDC on behalf of 'the city. In evaluating the RFPs, EDC considered a number of factors, including, development team qualifications, financial feasibility, relationship to the surrounding community, design features and ability to complete the project in a reasonable timeframe.