975 Nostrand Avenue
Update
03/26/24
Dev Lands $135M for Large Crown Heights Mixed-Use Project
Developer, , has just secured a $135 million loan for a 9-story, mixed-use development, going up at 975 Nostrand Avenue in Brooklyn's Crown Heights neighborhood. Jointly issued by Santander Bank and Related Fund Management, this influx of capital will be used to fund a majority of the project's construction costs.
The building is set to contain rental apartments, with 30% of the units to be dedicated to affordable housing. Plans also call for square feet of retail space (consisting of a FRESH grocery store), 767 square feet of community facility space, and an enclosed parking garage, with enough room for vehicles. Tenant amenities are to include a fitness center with a yoga studio, a media lounge, karaoke and game rooms, a library, a landscaped courtyard, and outdoor recreational areas.
Designed by , with serving as the general contractor, the structure will stand feet tall and total square feet. The development is being sustainably engineered and will aim for LEED Gold and EnergyStar certifications. The building will also have solar panels and participate in the ConEd Clean Heat program.
The development replaces a stand-alone, Associated grocery store, which was demolished, with plans to move the store into the new building.
