Affordable housing in the Big Apple
Boasting a state-of-the-art sports stadium and one of the world’s largest modular towers, Pacific Park Brooklyn also showcases affordable housing and community partnerships in action.
Dubbed Atlantic Yards by developer Forest City Ratner in 2003, the AUD$7.7 billion, nine-hectare megaproject was rebranded Pacific Park Brooklyn in 2014 after the Chinese government-owned Greenland Group bought a 70 per cent stake.
At the heart of the development sits the Barclays Centre, the new home of the National Basketball Association’s Brooklyn Nets, and the National Hockey League’s New York Islanders. The arena – which features both an ice skating rink and a green roof – brings major league professional sports to Brooklyn for the first time since the Brooklyn Dodgers moved to Los Angeles in 1957.
Pacific Park will eventually consist of 17 high-rise buildings. Among these is one of the world’s tallest modular towers, 461 Dean. Ninety per cent of the 32-storey skyscraper was constructed in the developer’s factory, saving 20 per cent on construction costs. In March, the 363-unit apartment – half of which is designated affordable housing – was sold for $200 million.
Nearby, 535 Carlton is also open, with each of the building’s 298 homes reserved for New Yorkers on low incomes. Preference goes to municipal employees and those with vision, hearing or mobility disabilities. The 18-storey building comes with a first-rate amenity package, including a fitness centre, yoga studio, games room, children’s playroom and outdoor terrace.
The new building at 535 Carlton is part of a commitment Greenland Forest City Partners made with the mayor and local community groups in June 2014 to build 2,2 affordable apartments by 2025.
A raft of other commitments are outlined in a community benefits agreement. For example, 10 per cent of all rental units are set aside for senior housing. The public will have access to nearly three hectares of public space.
Diversity targets were also set in consultation with the community, with 35 per cent of the construction workforce hailing from minority backgrounds, and women making up 10 per cent of employees.
The masterplan, designed by starchitect Frank Gehry, also improves major transportation networks, including a new subway entrance into the Atlantic Terminal Transit Hub, the third largest hub in the city.
Want to learn more? Join the Property Council’s international study tour from 20-27 July in New York.
Delegates will visit some of the most ambitious development and infrastructure projects in the Big Apple, and will meet some of New York’s most influential urban development thought-leaders and policy makers.
Find out more and register for the Property Council’s New York study tour today.