Joint developers William Macklowe Company and Senlac Ridge Partners recently released new details for the planned mixed-use development at 120 5th Avenue in Park Slope, Brooklyn. Currently the site holds a Key Food supermarket that is set to close its doors by August 12.
The proposed development will comprise of approximately 184 residential units, 67,000 square feet of retail/commercial use, which includes a community supermarket of at least 22,000 square feet, and a 130-vehicle parking garage. Of the residential component, 46 units will be designated as affordable housing. Ten percent of the units will be set aside for families with income no greater than 40 percent of the Area Median Income (AMI). The remainder will be a mix of 60, 80, and 100 percent of the AMI.
A Community Cooperation Agreement regarding the new development was executed by the Community Stakeholder Group, which consisted of the site owners and the leaders of ten community organizations, including Boerum Hill Association, Families United for Racial and Economic Equality, Gowanus Houses Tenants Association, the Park Slope Business Improvement District, the Park Slope Civic Council, Park Slope Neighbors, Park Slope North HDFC, Warren Street Houses Tenants Association, the Wyckoff Gardens Residents Association, and the Fifth Avenue Committee, which also organized the group with City Councilmember Brad Lander. In addition to the affordable housing, other provisions of the agreement require the development team to support traffic safety improvements and minimize construction impacts to surrounding buildings.
“From the moment we purchased this site, we committed to working in close collaboration with key local civic organizations, community leaders, and Councilmember Brad Lander to shape a vibrant new development that is harmonious with the surrounding neighborhood,” said Billy Macklowe, CEO of the William Macklowe Company. “We look forward to creating a project that will bring many amenities to the area, including new restaurants, a variety of retail shops and services, along with a full-scale supermarket, and housing for individuals and families across a range of incomes.”
Demolition and construction is expected to begin before the end of 2021. A grocery store in the new development is expected to open by 2024.