The Arker Cos. Completes $425M Brooklyn Project
- Oct 06, 2021
A partnership including The Arker Cos., Empire State Development Corp. and New York State Homes and Community Renewal (HCR) has completed The Fountains, a $425 million redevelopment project in Brooklyn’s East New York neighborhood.
The redevelopment encompasses 1,163 affordable units, with 192 set aside as supportive homes for residents with intellectual or developmental disabilities, along with 200 units serving as senior housing.
The project brings new life to the 35-acre Brooklyn Developmental Center, which served as a residential care and treatment center between 1973 and 2015. Dormitory Authority of the State of New York sold the property for $10 million to the developer, The Arker Cos.
A closer look
Built over a number of stages, with the first phase opening last October, The Fountains encompasses:
- 894 Fountain Ave., the largest property, with 422 affordable units
- 11629 Seaview Avenue, a six-story building including 65 affordable units
- a nine-story building with 267 affordable apartments at 911 Erskine Street
- 10 Schroeder’s Walk, offering 200 units, available for residents aged 62 and over
- another nine-story building at 702 Vandalia Avenue, with 65 affordable apartments
- the 144-unit 881 Erksine Street rising nine stories
While the majority of the apartments serve residents earning up to 60 percent of the area median income, 85 units are available for those earning 100 percent of AMI or below. The six-building community has achieved both Enterprise Green Community and Energy Star Certification.
The project also includes 21,700 square feet of commercial space, with the New York State Office for People with Developmental Disabilities as one of the tenants. OPWDD also funds the on-site supportive services staffed by Block Institute, which aims to help residents live independently.
The Fountains features Schroeder’s Walk, a 1-acre public plaza. Next to Shirley Chisholm Park, outfitted with hike and bike trails, the mixed-use development is within walking distance of the Gateway Drive retail corridor. Downtown Brooklyn is roughly 10 miles away.
New York State Homes and Community Renewal provided a financing package amounting to $216 million. Additional financiers include OPWDD, the New York State Energy Research and Development Authority along with the New York City Department of Housing Preservation and Development.
The Fountains is part of the $1.4 billion Vital Brooklyn initiative launched in 2017. In July, Empire State Development Corp. teamed up with HCR and nonprofit Breaking Ground to develop 900 affordable units in Brooklyn. The $400 million redevelopment of the former Kingsboro Psychiatric Center is also part of the initiative.