May 25, 2018 By Nathaly Pesantez
The massive Greenpoint Landing development is steadily building out, as developers announced an additional two towers with more than 1,200 apartments to the waterfront site.
Brookfield Property Partners and the Park Tower Group announced two new rental projects yesterday to be developed as part of the Greenpoint Landing project, the 22-acre site which currently has three completed affordable-housing buildings within roughly 300 units, and two more market-rate towers currently under construction, according to the Real Deal.
The two new towers announced on Thursday will have a combined 1,240 apartments, of which 30 percent will be affordable.
Developers are expecting construction on these two buildings, with no listed addresses yet, to begin in 2019 at a cost of $1 billion.
The two companies are also behind the 30 and 40 story market-rate towers under construction, with roughly 800 units combined, on Commercial Street as part of the Greenpoint Landing. The towers are scheduled to open this year and in 2019. L+M Development Partners, a separate developer, is behind other towers in the project site.
The entire Greenpoint Landing project site, led by Park Tower, will bring around 5,500 residential units, of which 1,400 will be affordable, in 10 buildings, along with a public school, retail space, and a public waterfront esplanade. The first portion of the public park is expected to open in a few months time.
The project came about after the Greenpoint-Williamsburg 2005 rezoning, which allowed for denser residential development along the waterfront.