What's Happening?
Alloy Development, in partnership with the Vistria Group, has secured $535 million in financing for the construction of One Third Avenue, a 730-foot mixed-use tower in Downtown Brooklyn. This project is set to become the world's tallest Passive House-certified building, featuring 583 apartments, retail, and office space. The financing includes $120 million in equity from Vistria and $375 million in debt from Kayne Anderson Real Estate. The development is part of the Alloy Block, a five-building complex that includes the city's first all-electric skyscraper and two Passive House public schools. The project aims to provide 153 affordable housing units and is designed to meet high environmental standards with features like oversized operable windows and shared energy systems.
AD
Why It's Important?
The development of One Third Avenue represents a significant advancement in sustainable urban living, setting a new standard for environmentally conscious construction. By incorporating Passive House standards, the project aims to reduce carbon emissions and energy consumption, aligning with broader efforts to combat climate change. The inclusion of affordable housing units addresses the pressing need for accessible housing in New York City, potentially benefiting low to moderate-income families. This project also exemplifies successful public-private partnerships, which can lead to more comprehensive community development outcomes.
What's Next?
Construction of One Third Avenue is expected to begin this fall, following the completion of demolition work earlier this year. As the project progresses, it will likely attract attention from environmental advocates and urban planners as a model for future developments. The successful implementation of Passive House standards in such a large-scale project could influence building codes and regulations, encouraging more developers to adopt similar practices. Additionally, the project's impact on the local community, particularly in terms of housing affordability and job creation, will be closely monitored.
