Avery Hall Revises Its Two-Building Park Slope Development Proposal

After presenting its plan for a two-building development to the Park Slope community board back in February, Avery Hall Investments has been working with area stakeholders to address priorities and amend the plan.

The original plan saw 125 Fifth Ave’s existing structure—a Key Food grocery store (pictured)—razed and replaced with two buildings with 165 rentals. But Avery Hall’s affordable plan, which would rent 20% of units to families making 60% of the area median income, or $51k for a family of four, was criticized for being too expensive, Curbed reports.

Residents also feared losing an affordable grocery store. Avery Hall’s considering bringing a grocery store to the development, but it’d have a much smaller footprint. At the February meeting, the developer said 7k SF has been set aside for a potential grocery store, while the current Key Food occupies 36k SF.

The site is part of the 30-year Baltic Street Community urban renewal plan, which will expire in 2021. The plan limits the height of new buildings to 40 feet, and requires developers to build affordable housing. Avery Hall could wait for the plan to expire and not have the restrictions, but it seems to want to start development ASAP.

City Council member Brad Lander said the amended plan would be a “big win” for the community, and his office is calling for support when the new proposal is presented at the next community board meeting on Nov. 1. [Curbed]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

King Of Prussia Pursues Stadium To Anchor $200M Mixed-Use Complex

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

Mamdani Adds Millions To Program Helping Retailers Negotiate With Landlords

Canadian REIT Buys Brooklyn Medical Office For $90M: The N.Y. Deal Sheet

NYC Stops Construction On Another Office-To-Residential Conversion As Inspectors Descend On Job Sites

1200 White St., Atlanta's Newest Creative Hub, Is Transforming The West End

SL Green Cashing In On Surging Manhattan Office Market

Developers Build More Bedrooms As 99-Unit Projects Dominate

Mamdani Names Anthony Shorris CEO, Lina Khan Chair Of EDC