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Two Trees announces plans for new mixed-use DUMBO project.

Two Trees Management is pleased to announce a proposed new mixed-use development in DUMBO on a site bounded by Water Street, Dock Street and Front Street.

The plan for the site, which is nearly an acre, will include a public middle school, 400 rental apartments, including 80-affordable rental units, ground-floor neighborhood retail and off-street parking.

These facilities will all be housed in a building with an architectural design that fits within the context of the surrounding neighborhood and is environmentally responsible--the first "green" building in DUMBO. Two Trees will formally apply for a rezoning of the site from its current manufacturing designation to residential use and begin the public hearing and review process later this year.

Two Trees has completely revised a plan first proposed in 2004. The site's new design re-orients the building to increase its physical distance from the Brooklyn Bridge and to minimize view obstructions from its footpath.

In addition, the building, designed by Beyer Blinder Belle, has been designed to fit perfectly within the existing architectural context of the neighborhood. The height and bulk of the building are consistent with the other historic buildings in the neighborhood as are the proposed facade materials and design.

"A site of this size provides a unique opportunity to provide for uses that are often difficult to accommodate in established neighborhoods," said Jed Walentas, a principal of Two Trees.

"The Dock Street DUMBO project will provide the families of DUMBO, Vinegar Hill and Brooklyn Heights with a much-needed addition to the neighborhood--a new school. In response to Community Board 2 and the DUMBO Neighborhood Association, and to build on the success of P.S. 8, we are committed to building a high-quality public middle school on this site. The 40,000 square-foot middle school will serve approximately 300 neighborhood children and will have 'state-of-the-art' amenities and immediate access to the Brooklyn Bridge Park."

In addition to a much-needed school on this site, the $200 million project will create 400 new residential apartments, 80 of which will be permanently affordable. DUMBO's first mixed-income building will ensure that the neighborhood remains diverse, accessible and environmentally aware. "In the spirit of Mayor Bloomberg's PlaNYC, we take our responsibility to help create a greener New York seriously and intend to build a 'green' building under the LEED Certification Program," said Walentas.

"We are proud that this building, notable for its environmental performance as well as for its distinctive design, will provide a model for all future development in the community. Additionally, the influx of new residents living in this building will help to make the Brooklyn Bridge Park more populated, safer and more vibrant."

The proposed project includes: A brand new 40,000 s/f public middle school with its own entrance on Dock Street.

The school will have "state-of-the-art" amenities and the school will serve approximately 300 middle-school age neighborhood children; Approximately 400 high-quality rental apartments, 80 of which will be permanently affordable. The building will also be a LEED-Certified "green building.";

Approximately 10,000 s/f of small-scale, neighborhood-oriented retail. This retail will be located on Water Street and will compliment the existing retail corridor that includes the Water Street Bar and Grill, Jacques Torres and Almondine.

Parking will serve both building residents and wider neighborhood demand, including the Brooklyn Bridge Park. This parking will be predominately below-grade and will not compromise the character and walkability of the sidewalk and streetscape.
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Comment:Two Trees announces plans for new mixed-use DUMBO project.
Publication:Real Estate Weekly
Date:Jul 11, 2007
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