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BAM Cultural District Tower Gets Financing, New Address

2013 has been very good to the BAM Cultural District. Two new theaters opened, Two Trees' building won city approval, a developer was chosen for the last undeveloped city-owned site, and designs were revealed for a 52-story tower by FXFOWLE. The latter is also a city-owned site, and today HPD announced that the building secured $278 million in financing, putting it on the path to an early 2014 groundbreaking (slightly delayed from previous reports that construction would start by the end of the year). The press release also clarified the building's formal address: 250 Ashland Place. The project is being developed under the New Housing Marketplace Plan, thus, 282 of the 586 units will be permanently affordable to low- and middle-income families.

As with all city projects, 250 Ashland is a joint venture, and the Gotham Organization and DT Salazar are developing it with the Department of Housing Preservation and Development and the NYC Housing Development Corporation. Units will range from one- to three-bedrooms, and since it's in the cultural district, it will have 8,000-square-feet of space for a yet-to-be-named arts group. There will also be more than 10,000-square-feet of ground floor retail.
· City Reveals 52-Story BAM Cultural District Apartment Tower [Curbed]
· FXFOWLE [official]
· BAM Cultural District [Curbed]