For the last several years, the building and parking lot at 470 Vanderbilt Avenue in Fort Greene have sat largely vacant. A year ago, GFI Development purchased the million-square-foot property from the Carlyle Group for $24,000,000. Since then, the Manhattan-based developer has been working closely with community officials to reposition the underused asset as a mixed-use project that would bring much-needed affordable housing to the area. With that goal in mind, GFI has put together a proposal for a project that would be larger than allowed under current zoning rules in exchange for extra affordable housing. The result: A 10-story new building (versus the seven stories allowed as of right) on the current parking lot with 270 units of a market-rate housing and 100 units of affordable housing. The developers hope to be able to attract a large grocery store to the retail space (and possibly even a bowling alley!). Meanwhile the existing telecom building will be repositioned as Class B office space with retail (a bookstore or cafe, they hope) on the ground floor. "The telecom building has stood for far too long as a symbol of stagnation representing the challenges of fulton street east," said Council Member Letitia James. "I thank GFI Development for working with my office and the community in meeting the needs of the community and serving as a springboard for the revitilization of Fulton street east." Initial discussions with both City Planning and Community Board 2 have been positive. Next up: ULURP.
