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June 19, 2012

Toll Brothers, Starwood Capital JV to develop a mixed use project in New York

New York City has selected a joint venture between Toll Brothers City Living and Starwood Capital Group to develop a 10-storey hotel and a five-storey residential building on the Brooklyn waterfront as part of the Brooklyn Bridge Park development.

New York City has selected a joint venture between Toll Brothers City Living and Starwood Capital Group to develop a ten-storey hotel and a five-storey residential building on the Brooklyn waterfront as part of the Brooklyn Bridge Park development.

Under the plan, the developers will create a $300m luxury hotel and condo complex spanning 550,000ft², which will house a 200-room luxury hotel and 159 residential units next to Pier 1.

The hotel will include 16,000ft² of indoor and outdoor restaurant space, 16,000ft² of banquet and meeting space, over 2,000ft² of retail space, a 6,000ft² spa and fitness centre and parking spaces for 300 vehicles.

The development will be carried out on a 100,000ft² unoccupied lot in Brooklyn, near the Dumbo and Brooklyn Heights neighbourhoods.

New York Mayor Michael Bloomberg said: "This project will ensure that the thousands of New Yorkers and tourists who visit Brooklyn Bridge Park will be able to enjoy a beautifully maintained space."

The ten-storey hotel and condominium complex and five-storey condominium have been designed by Rogers Marvel Architects.

The project, which is expected to secure LEED Silver certification, will feature a stepped facade of stone and metal and green roofs, while walkways will provide a link to the park and Furman Street.

Residential buildings will be constructed as condominiums and will provide views of lower Manhattan, the Brooklyn Bridge and New York Harbor.

The condominiums will offer over 12,000ft² of amenity space, including a fitness centre, children’s playroom and bike storage.

Construction on the development will commence in summer 2013; the hotel and residential building are expected to open in 2015.

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