20 Jun Brooklyn Bridge Park Hotel & Condo Plans
A controversial new hotel & condo development at the Brooklyn Bridge Park area near Pier 1 is being proposed and its love and hated, depending on where you’re coming from. If you’ve ever been to Pier 1 and the area around you know it’s a beautiful place among a concrete jungle and a lot of folks don’t want public land being sold off to a private business which is understandable. I have no opinion as I’m not from there and that’s an issue for the locals, but I do however have an interest in all things luxury.
The 550,000 sq ft building which is set to open in fall 2015, will be developed by Toll Brothers City Living and Starwood Capital Group. Keeping up the Brooklyn park including restoring its five old piers is expected to cost $16 million annually, with the development projected to provide a $3.3 million chunk each year. This is where the positive comes in and definitely should be in the minds of people debating the issue…everything costs money folks!
The Brooklyn Bridge development will also include just about 16,000 sq ft of yummy restaurant space, another 16,000 sq ft of banquet/business/meeting space, another 2,000 sq ft of retail space and much needed lot of 300 parking spots. This would be great for the local economy in my humble opinion and siphon off more visitors from the Manhattan core to experience the beauty of Brooklyn. I know I’ll come stay here as soon as it opens!