The city has selected a joint venture between Toll Brothers and Starwood to develop a 550,000-square-foot luxury hotel and condominium project in Brooklyn Bridge Park. Designed by Rogers Marvel Architects, the 10-story hotel and two 10- and 5-story condominium buildings will feature a stepped facade of stone and metal, green roofs, walkways to access the park and Furman Street, and will target at least a LEED Silver rating from USGBC. The 200-room hotel will carry Starwood’s four-star, environment-friendly 1 Hotel brand while the condos will be marketed under the Toll Brothers City Living brand.
Overall, the development will total approximately 550,000 square feet, including nearly 16,000 square feet of indoor and outdoor restaurant space, 16,000 square feet of banquet and meeting space, over 2,000 square feet of retail space, a 6,000 square foot spa and fitness center and 300 underground parking spaces. The complex, located just south of Old Fulton Street and adjacent to the Brooklyn Bridge, is projected to generate a total of $3.3 million annually in rent and payments in lieu of taxes from condominium owners and the eventual hotel operator. During the lifetime of the joint venture’s 97-year ground lease for the development site, those funds will total over $120 million and be used to maintain Brooklyn Bridge Park. The city selected the Toll/Starwood joint venture over proposals from Two Trees Management and Extell.
“We are extremely pleased to be partnering with Toll Brothers to build one of the most exciting new developments in New York City in many years,” said Barry Sternlicht, Chairman and CEO of Starwood Capital Group, in a press release. “With its incredible views of the Manhattan skyline and the iconic Brooklyn Bridge, extraordinary amenities, attractive and affordable location, and close proximity to transportation hubs, Brooklyn Bridge Park is the perfect location to showcase the 1 Hotel and adjoining residences. This development will be perfectly positioned to take advantage of the significant renaissance occurring along the Brooklyn waterfront. We expect our restaurants, bars and large social catering space to be incredible destinations for both the community and Manhattan residents. We look forward to building an important showcase hotel and waterfront residence like no other project in the five New York City boroughs.”
The residential component of the project will feature condominiums with a townhouse feel aiming to replicate the quintessential Brooklyn brownstone. All of the homes will feature views of lower Manhattan, the Brooklyn Bridge and New York Harbor. The condominiums will offer residents over 12,000 square feet of amenity space including a state-of-the-art fitness center, children’s playroom, and bike storage, in addition to preferred access to the 1 Hotel spa and services. The Tribeca-based Rogers Marvel is no stranger to LEED condominium projects in Brooklyn: the firm recently completed Third + Bond, for which it earned just the borough’s second LEED Platinum rating from USGBC.
The joint venture expects to break ground on the development by the summer of 2013 and open the hotel and residential buildings in the fall of 2015.