Author Topic: Is More Retail Coming to Brooklyn?  (Read 3367 times)

jaxnyc79

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Re: Is More Retail Coming to Brooklyn?
« Reply #15 on: January 13, 2018, 12:37:54 PM »
Interesting.  As for all the parking, are city requirements driving that, or the potential tenants?  I understand Jax is very car-reliant, but hopefully some day, a critical mass of structures throughout the urban core can exist, and more of a walking culture developers where parking lots and parking garages don’t have to be so predominant throughout.

The developer is actually asking for a deviation to reduce the amount of parking required by the city.



Should the developer even have to go through the pain of asking for this exception?  It’s a downtown project.  Should there even be a parking requirement?  The developer and potential tenants know their needs and can secure what they believe will be the parking for the building’s uses.  Requiring one parking lot size or another for a downtown project feels very suburban.

thelakelander

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Re: Is More Retail Coming to Brooklyn?
« Reply #16 on: January 13, 2018, 12:39:03 PM »
I’m not a real estate developer by any stretch, but what is the likeliest hurdle stopping a project like this from being 4 or 5 stories, with these retail uses on the ground floor and maybe 8 or 10 apartments on the floors above?  Is it the expertise of the developer, design and construction complexity, zoning approvals from the city, parking requirements of the city?

In this case, the developer believes the highest & best use of the property and what they do, is to create a strip center. A previous developer looked at putting a suburban CVS on this lot. CVS wasn't sold on the location and backed out.
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ProjectMaximus

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Re: Is More Retail Coming to Brooklyn?
« Reply #17 on: January 13, 2018, 03:23:08 PM »
I’m not a real estate developer by any stretch, but what is the likeliest hurdle stopping a project like this from being 4 or 5 stories, with these retail uses on the ground floor and maybe 8 or 10 apartments on the floors above?  Is it the expertise of the developer, design and construction complexity, zoning approvals from the city, parking requirements of the city?

From my understanding (I am not a developer either) yes, that's exactly it. It's a little more complex...the financing, the property management, and the design/construction aspects are all a little bit more involved. Buy no means does that make it impossible, just a little bit less desirable of an option especially for those who specialize and have their tried-and-true formulas (ala blockbuster movies)

Of course there are companies that specialize in mixed use now so there's that. And the other big question is of course whether going vertical is financially supported by the market.

jaxjags

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Re: Is More Retail Coming to Brooklyn?
« Reply #18 on: January 13, 2018, 03:33:59 PM »
I think if a particular area has the potential to get to that type of critical mass it is Riverside in Brooklyn. Much like Peachtree Street in ATL, when it reaches a critical level of density, then the multi story mixed use will come. The south side of the street would be perfect for this mix, with mid or high rise building behind it. Small steps at a time to create more density.