What's Happening?
The world's tallest Passive House building, One Third Avenue, is set to rise in Downtown Brooklyn after securing $535 million in financing. The 730-foot mixed-use tower will include 583 apartments, retail, and office space. The project is part of the Alloy Block, a five-building complex that features the city's first all-electric skyscraper and two Passive House public schools. The financing includes $120 million in equity from the Vistria Group and $375 million in debt from Kayne Anderson Real Estate. The development aims to provide sustainable urban living with 153 affordable housing units.
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Why It's Important?
This project represents a significant advancement in sustainable urban development, setting a new standard for energy-efficient buildings. The Passive House certification ensures minimal energy consumption, contributing to environmental sustainability. The inclusion of affordable housing units addresses the pressing need for accessible housing in New York City. The project also highlights the potential of public-private partnerships in achieving community-focused development goals.
What's Next?
Construction of One Third Avenue is expected to begin this fall, following the completion of demolition work earlier this year. The project will continue to focus on sustainable building practices and community integration. Upon completion, the building will surpass Vancouver's Earth Tower as the tallest Passive House-certified structure, potentially influencing future developments in urban sustainability.
