Hope Street Capital Secures Financing for 550 Clinton Avenue in Clinton Hill, Brooklyn

Rendering of 550 Clinton Avenue - Morris Adjmi ArchitectsRendering of 550 Clinton Avenue - Morris Adjmi Architects

Morris Adjmi Architects’s 29-story residential tower may soon go vertical at 550 Clinton Avenue in Clinton Hill, Brooklyn, following developer Hope Street Capital’s procurement of $180 million in construction financing. The building will eventually comprise 280,000 square feet including 284 apartments and about 60,000 square feet of retail area.

While construction has slowed, excavation at the site is nearly complete, indicating that the building may still be on target to be debut in 2022.

The development sits at the busy intersection of Atlantic and Clinton Avenues, adjacent to the historic Church of St. Luke and St. Matthew, which was completed in 1891. In an effort to respect the history and grandeur of the Romanesque church, Morris Adjmi’s architectural team selected an understated, concrete enclosure for the building’s four-story podium. The intended effect is an unobtrusive transition from historic to contemporary.

Rending of retail and amenity podium at 550 Clinton Avenue - Morris Adjmi

Rending of retail and amenity podium at 550 Clinton Avenue – Morris Adjmi

Church of St. Luke & St. Matthew - Morris Adjmi Architects

Church of St. Luke & St. Matthew – Morris Adjmi Architects

The roof of the podium will support an in-ground pool, arguably the project’s most enticing amenity. Additional amenities located within the podium include a fitness center, indoor lounge areas, and a coworking center, all positioned above a collection of ground-floor retail suites.

The residential tower staggers upward from the edge of the podium and gently slopes inward as the structure rises. The tower’s exterior incorporates a similarly hued concrete façade and floor-to-ceiling windows.

Rooftop pool at 550 Clinton Avenue - Morris Adjmi Architects

Rooftop pool at 550 Clinton Avenue – Morris Adjmi Architects

While the Landmarks Preservation Commission expressed concern regarding the development’s effect on the historic church, the commission eventually approved Morris Adjmi’s revised design on the condition that Hope Street Capital fund repairs to the aging landmark. This includes a partial replacement of the iconic belfry, colonettes, and areas of degradation in the masonry façade.

Overall, the thoughtful scope of development both contributes to the expanding scale of Clinton Hill and helps preserve a treasured local landmark.

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TFC Horizon
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4 Comments on "Hope Street Capital Secures Financing for 550 Clinton Avenue in Clinton Hill, Brooklyn"

  1. I sure hope this one gets completed. It’s probably one of my favorite proposals of the last few years.

  2. I like this – much needed for that that section of the Avenue. It’ll bring new life.

  3. Yikes. Adjmi channeling BIG with a little genetic muck from Adjmi’s work in the Meat Packing District.

    Come on, Morris, recycling is good, but not your own work, or worse, someone else’s.

  4. Cant wait for this to transform the area. You need a couple of these tall projects to usher in the future for the neighborhood.

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