It's not a question of whether Jed Walentas will build something or nothing at the Domino Sugar factory site on the Williamsburg waterfront; it's a question of how much time he is willing to invest to extract the most out of the enviable position he bought into for $180 million. That's how much Two Trees bought the Domino site for from CPC Resources, who handshake-promised a development that included lots of affordable housing in return for a zoning resolution that allowed them to develop the site, according to the Observer. That promise of affordable housing is completely non-binding, and something that Walentas can follow through on or ignore, depending on how much shouting from community activists he is willing to endure.
How far is Walentas and Two Trees willing to go to revisit previous notions of what a Domino development could be? The developer says that he is willing to go all the way back to square one and undergo an ULURP to get a bigger, more optimal plan put in place. The worst case scenario if that fails is that he sticks with the zoning resolutions already achieved by CPC Resources (which tripled the money it paid for the Domino site in its sale to Two Trees). "If we come up with something better and build a consensus around it, that’s what we’ll build. If we conclude the plan that’s in place now is optimal, we’ll build that plan.”
· Knocking Over Domino: Two Trees Mullls Overhauling Massive Williamsburg Development, Including Reducing Affordable Units [NYO]
· Domino Sugar coverage [Curbed]
· CPC Resources coverage [Curbed]
· Two Trees coverage [Curbed]