Construction Set To Begin On 5-Building Flatbush Ave Development

BROOKLYN, NY — Construction is set to begin on a five-building development that has been years in the making on Flatbush Avenue, according to developers.

Alloy Development announced Monday that they have secured the $240 million in financing to start the first phase of construction on their 80 Flatbush Ave. project, which they are now calling "Alloy Block."

The financing means construction on the development, which was first approved in 2018, will start in the next few weeks. The project includes three new buildings and renovations on two existing buildings on the triangular lot found on the edge of Boerum Hill and Downtown Brooklyn.

The first phase of construction will include two public school spaces and an all-electric tower with 441 residential spots.

“We are committed to making Brooklyn beautiful, sustainable and equitable and as the city recovers from the pandemic, we hope the Alloy Block will set the standard for progressive, thoughtful development,” Alloy Founder and CEO Jared Della Valle said. “When it comes to taking the environmental impact of buildings seriously, building truly affordable housing in wealthy, transit-rich neighborhoods, and creating healthier school environments, we are proud to play a leading role as we begin construction on the Alloy Block."

The $240 million in financing was provided by Goldman Sachs, Related Companies and funds managed by the Real Estate Group of Ares Management. The schools will be funded by $152 million in bonds from the city's Educational Construction Fund.

They include a public elementary school and new space for Khalil Gibran International Academy, an Arabic-language focused high school that has been operating out of an outdated building on the block.

Both schools will be the first public schools int eh city to meet what is known as "Passive House compliance," or the highest standards of energy efficiency and air quality, according to Alloy.

They will include a new cafeteria, gym and library for Khalil Academy on Schermerhorn Street and a gym and auditorium on State Street for the elementary school, which will be accessible to the community, developers said.

The all-electric residential tower will include 30,000 square feet of retail, 396 apartments and 45 affordable residences with rents starting as low as $750 per month, the developers said.

The number of units is double what developers originally had planned for the first phase of construction. In May, they said the pandemic led them to swap 100,000 square feet of office spacefor more housing in the first round of construction, though the overall breakdown of office to residential space will remain the same at the end of the five-building project.

The start of construction on the 80 Flatbush project comes nearly two years after developers reached a settlement with neighbors about the development. The project was first approved by City Council in September 2018.