Plans Announced For 2 Private Residential Buildings To Fund Brooklyn Waterfront Park
NEW YORK (CBSNewYork/AP) -- Two new, private residential towers on the Brooklyn waterfront will complete an 85-acre public park set against the Manhattan skyline.
RAL Development Services and Oliver's Realty Group unveiled development plans Tuesday for the so-called Pier 6 project at Brooklyn Bridge Park.
The plans include one 29-story building featuring 192-unit condominiums and another 14-story building that will house more than 100 rental apartments designated as affordable.
The project is a model of private property that pays for public space.
The surrounding parkland will be funded by payments -- replacing property taxes -- under a 94-year lease of the city land.
Construction at the site is expected to begin in approximately a year. The plan still needs to be approved by the nonprofit park board.
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