Brooklyn Multifamily Development Tops Out
- Feb 20, 2020
Nonprofit developer the BRP Cos. has topped out its 255-unit affordable housing community in the Flatbush neighborhood of Brooklyn, N.Y., months ahead of schedule. The development firm first broke ground on the mixed-use residential project dubbed Caton Flats in May 2019.
Located just south of Prospect Park, the 14-story Caton Flats is a redevelopment of a municipal parking lot and one-story Caribbean vendors market that once completed, will total 279,000 square feet. That space will include 13,000 square feet of retail, 12,500 square feet of community facility space and a revitalized market and business incubator totaling 9,000 square feet.
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BRP Cos. was chosen by the New York City Economic Development Corp. through a competitive bidding process in 2015 to transform the city-owned market into a mixed-use property that retained the existing marketplace and added new uses and affordable housing for the area’s burdened residents. The project is slated to be fully completed in 2021.
“The strong alignment between the real estate, community and construction entities involved in this project enabled us to meet this milestone well in advance of schedule,” said BRP Cos. Co-Founder & Managing Partner Meredith Marshall, in a statement to Multi-Housing News. “This project is a true partnership between many community groups and local leaders, connected in their commitment to serving Flatbush, and we’re excited to be watching this vision come to fruition in real time.”
BRP Cos. first secured financing for the development in 2019, when it landed $60 million through the Freddie Mac Non-LIHTC Forward Commitment. Designed by Magnusson Architecture and Planning, several firm and organizations are partnering with BRP on the project, including Urbane Development, the Department of Housing Preservation and Development, the Housing Development Corp. and the Caribbean American Chamber of Commerce and Industry.
BRP Cos. has been the development firm behind several mixed-income and affordable properties in New York City, including the first residential units of La Central, a large-scale, mixed-use housing development in the Bronx that once completed, will house close to 1,000 mixed-income apartments.