Brooklyn Bridge Park has transformed a once-neglected slice of the Brooklyn waterfront into bustling parkland, and now, to continue the public-private venture that created the park, pilings are being driven for the first entirely new residential development designed to help finance its operations and maintenance.
Pierhouse, a joint venture of Toll Brothers City Living and the Starwood Capital Group, is a $280 million development on the park that will have 108 condominiums in two long buildings, in addition to a 193-room glass-encased 1 Hotel, one of Starwood’s luxury brands. The project, which will be at Pier 1, just south of the Brooklyn Bridge, is scheduled to be complete by late 2015.
It will be the first of several anticipated to fund the maritime park’s $16 million annual budget for operations and maintenance through ground-lease fees and property taxes. One Brooklyn Bridge Park, a 1928 building converted to condos in 2007, already contributes about $2 million a year, which has been enough to operate the park without other subsidies since 2010.
“Without this private investment, this park would have never happened,” said David Von Spreckelsen, the New York City division president for Toll Brothers. “That’s what’s so fantastic about this.”