The plan to turn the disused Domino Sugar Refinery site in South Williamsburg into a housing complex with nine residential towers, 2,200 apartments and 30,000 square feet of retail space is moving forward despite the economic downturn, optomistic developer Michael Lappin insists. You'll recall how back in June the Landmarks Preservation Commission approved revised plans for the $1.2 billion development, which promised to preserve the site's iconic sign. Of course, that was before everything went up in flames.
A recent article in Crain's (subscription only) confirms the obvious, that sales and rentals have tapered off drastically along the Williamsburg waterfront, and with more big tall buildings on the way, it's a mystery who's going to pay to live in them. According to the Brooklyn Paper, some community members are hoping the lethal economy will kill the massive project, or at least scale it back.
But Lappin is undeterred: "It’s more difficult [to secure financing] than it was before, but the fact that we’re focused on a much lower income where there is enormous demand and public subsidies helps. As we get closer to starting, we’re very confident that it will firm up." (30% of the units will be affordable housing and 100 will be reserved for residents earning only $25,000 per year.) But before he can break ground, there's the little matter of the city’s eight-month Uniform Land-Use Review Procedure (ULURP), which won't begin until the spring.
