Toll Brothers and Starwood Capital Team Up to Build Luxury Hotel and Condo Complex at Brooklyn Bridge Park
- Jun 22, 2012
The Brooklyn Bridge Park (BBP) Board of Directors has designated a joint venture between Toll Brothers Inc. and global private investment firm Starwood Capital Group to develop a 550,000-square-foot luxury hotel and condominium complex next to Pier 1 in Brooklyn Bridge Park.
Official sources say that the joint venture will enter into two 97-year ground leases at the site and, over the course of the lease term, the development is estimated to generate nearly $120 million to support the 85-acre park’s maintenance, landscaping and operation.
Projected to achieve LEED Silver Certification, the ten-story hotel and five-story residential building are designed by New York City-based Rogers Marvel Architects and will combine environmentally sustainable architecture and interior design with impeccable service and luxurious comfort to match the beautiful views of the adjacent harbor and park.
The 200-room hotel will be marketed under Starwood’s luxury, eco-friendly 1 Hotel brand and will include 16,000 square feet of indoor and outdoor restaurant space, 16,000 square feet of banquet and meeting space, a 6,000-square-foot spa and fitness center, 2,000 square feet of retail space and 300 parking spaces.
While the selling price per unit has yet to be disclosed, future residents of the 159-unit condo building will have preferred access to 1 Hotel’s spa and services. With an average area of over 12,000 square feet, all condo units will offer spectacular views of lower Manhattan and the highest quality finishes, as well as a children’s playroom and bike storage.
Toll Brothers and Starwood Capital hope to break ground on the project by summer 2013 and open the hotel and residential building in the fall of 2015.
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Aerial rendering courtesy of Toll Brothers City Living, Starwood Capital Group