CITY ANNOUNCES NEW MIXED-INCOME DEVELOPMENT

CITY ANNOUNCES NEW MIXED-INCOME Officehomes(tm) DEVELOPMENT @ BRIG SITE - Three-Quarters of the More Than 400 Residential Units Will Be Affordable

Department of Housing Preservation and Development (HPD) Commissioner Shaun Donovan announced today the selection of Navy Green Joint Venture, a partnership of Dunn Development Corporation and L&M Equity Participants, Ltd, for the redevelopment of the Navy Brig site in Wallabout, Brooklyn.

The redevelopment of this 103,000 square foot former prison site will create a unique mixed-use community, consisting of 434 residential units, commercial space, open space and a community facility.

To oversee the development of the site’s master plan, design and LEED certification, Navy Green Joint Venture has selected the architectural team of FXFowle Architects, Curtis + Ginsberg Architects LLP and Architecture in Formation. By combining affordable rental and homeownership units with market-rate co-ops, townhouses and supportive housing, the redevelopment of the Brig will result in an unprecedented mixed-income community.

Approximately 77 percent of the residential units will be affordable to families earning between 30 percent and 130 percent of the Area Median Income (AMI), which is equivalent to a salary range of $21,250 to $92,170 for a household of four or $14,900 to $64,480 for a single household.

The affordable units will be part of Mayor Bloomberg’s ten-year New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing for 500,000 New Yorkers, more than the entire population of Atlanta. The Mayor’s Plan is the largest municipal affordable housing initiative in the nation’s history.