Atlas Capital Group and Westbrook Partners finally got some good news about their St. John’s Terminal development (pictured).
A City Council subcommittee voted Monday to give the developers preliminary approval to buy Pier 40’s air rights for $100M, in exchange for 2M SF of retail and residential buildings, DNAInfo reports.
The plan still needs to be approved by the full City Council on Dec. 15, but the fact that it sailed through two committees with only one dissenting vote is a good sign.
The money from the sale will be used for critical repairs on the pier’s structurally unsound pilings.
Westbrook and Atlas also detailed the terminal’s affordable housing plans. In addition to 1,500 market-rate units, the development’s slated to have 500 below-market rentals, with 50 of the units allocated to people making 60% of the area median income, 25 to those making 80% of AMI, 25 to those making 110% and 50 to those making 130%.
Yes, affordable housing for those making 130% of the area median income. Such is life in New York's affordable housing crisis. Brooklyn councilman Jumaane Williams, the one dissenting vote, said these measures weren’t deep enough, believing the affordable housing should target AMIs as low as 30% or 40%.
City Council member Corey Johnson commended the amended AMI standards and Westbrook and Atlas’ promises to forgo big-box stores, bring in a grocery store at the site and prohibit future air rights transfers from Hudson River Park. [DNA]
