Massive Development Poised To Bring 2,000 Apartments To Bed-Stuy
L+M Development Partners and SMJ Development are looking to build one of Brooklyn’s largest mixed-use projects in recent years, potentially bringing more than 2,000 apartments to Bedford-Stuyvesant.
The development would span nearly 2M SF across 12 new buildings, according to a plan filed Wednesday with the New York City Department of City Planning.
Currently, 38 low-rise residential buildings with 209 units, along with parking lots, stand on the properties at 1754 Fulton St. and 53 Utica Ave. A vacant portion of the site is owned by the Department of Housing Preservation and Development.
Of the 2,035 units planned, between 337 and 505 would be affordable via Mandatory Inclusionary Housing, including 209 Section 8 units that would replace the existing housing. A 17-story building would be constructed on the HPD site, with 351 units, 100% of which would be income-restricted, according to filings.
Under the plan, the first building to be constructed would be on a vacant area of the site. Residents who live in the buildings set to be demolished would be given the opportunity to move into a new apartment with the same number of bedrooms and bathrooms, with no temporary relocation necessary, L+M Managing Director Elaine Braithwaite said in a statement.
“The redevelopment of the 40-year-old Fulton Park buildings will deliver new state-of-the-art affordable apartments for each and every resident who lives there now,” Braithwaite said. “By constructing the new modern buildings on the site of a parking lot, residents will be able to move only once their new apartments are finished, and pay the same rents they pay now.”
“At the same time, we can help address the critical and deepening need for affordable housing in the area by adding new mixed-income rental and homeownership opportunities,” she added.
In addition to the new housing, the 1.9M SF proposal calls for 21K SF of commercial space, 33K SF of community facilities and 97K SF of open space in the form of landscaped yards, recreational space and pedestrian walkways.
L+M acquired the site in 2023 via a $28M, 99-year ground lease, Crain's New York Business reported. It is across from the Utica Avenue train station, between Atlantic Avenue, Utica Avenue and Hunterfly Place. It is near, but outside of, the section of Atlantic Avenue that was rezoned in May to clear the way for as many as 4,600 new homes in Bed-Stuy and Crown Heights.
The developers hope to receive approval this year and begin construction shortly after. Under the timeline, the buildings would not be fully operational and occupied until 2036, according to the filings.
