It's been years since Williamsburg, Brooklyn has transformed from a hipster haven to a playground for bankers, bros, and anyone who can afford the astronomical housing costs, but the Domino Sugar refinery still stands as a derelict monument to the neighborhood's glory days. Unfortunately for residents holding out hope that the factory would somehow be saved from its inevitable transformation into luxury condos and tech firms, the New York Times reports that a deal has been officially struck to redevelop the waterfront property.
The plan had previously been delayed due to City Hall concerns that the 660 affordable housing units set aside from a total of 2,300 were too few. In the new deal, developer Jed Walentas has now agreed to reserve 700 units for low and moderate income residents and to up the configuration of affordable units to two and three-bedroom layouts. In exchange, Walentas' firm Two Trees will be able to receive a zoning exception allowing the project to rise 55 stories — 20 higher than current regulations.
Though the new building will change the face of Brooklyn forever, the 700 units will likely be seen as a victory for affordable housing advocates and the de Blasio administration, proving that the new mayor can balance development efforts with affordable housing initiatives.
[via The New York Times]