A rendering of the Foundations Seaview project in Brooklyn.
NEW YORK CITY—Construction has commenced on the first three phases of Arker Co’s. $130-million mixed-use Fountains Seaview development in Brooklyn.
The multi-phased 1.2-million-square-foot project will at full build out contain 1,169 rental housing units and will be built on former New York State Dormitory Authority-owned land at 888 Fountain Ave. The 6.7-acre site will eventually feature eight buildings with retail, commercial and community space.
The first three phases of the project being built by Floral Park, NY-based Arker will involve the development of 397 affordable and supportive apartments for income-eligible residents and those with intellectual or developmental disabilities.
Arker purchased the decommissioned state property for $10 million through Empire State Development’s competitive Request for Proposal process. The property was formerly part of the state-run Brooklyn Developmental Center, which closed in 2015. Rents for the apartments in the three buildings will range from: $328 to $913 for a studio; $419 to $980 for a one-bedroom; $509 to $1,183 for a two-bedroom and $582 to $1,292 for a three-bedroom apartment.
“Empowering our underserved communities begins with affordable and sustainable housing,” Gov. Andrew Cuomo states. “This new development will provide expanded opportunity to the local economy while offering a safe, decent and affordable place for more Central Brooklyn residents to call home.”
New York State Homes and Community Renewal has invested $45 million in tax-exempt bonds, a $16.1-million subsidy loan, and $6 million in combined annual allocations of federal and state low-income housing tax credits. Fountain Seaview will also benefit from a $13.3-million New York City Housing Preservation and Development subsidy loan. NYSERDA awarded $158,000 through its Multifamily New Construction Program. Enterprise Community Partners, through the New York City Acquisition Fund, will also be providing financing for the project.
Phase one calls for the redevelopment of a six-story new building with 65 apartments for families, including 17 units for individuals with intellectual or developmental disabilities from around New York City. The second nine-story building will feature 267 apartments constructed under New York’s new Green Bond program. Last week HCR made a tax credit award to finance 65 more affordable and supportive units for another nine-story building in phase three of the project.
The project also includes the creation of Schroeder’s Walk, a new one-acre open space that would extend Schroeder’s Avenue for pedestrians. The Fountains will also include retail on the ground floor, off-street parking, community facilities, and a public plaza, in addition to the residential component. Arker will partner with the Block Institute, to develop the buildings and provide supportive services for residents served by the Office for People with Developmental Disabilities.
Featured amenities at the development will include community rooms for social activities, an open courtyard, a roof deck and access to a 50,000-square-foot open recreational venue with outdoor seating and greenery to be shared by building residents.