South Williamsburg's proposed Rose Plaza on the River project, at 490 Kent Avenue, dates back to the pre-credit crunch era, and in the years since it was first proposed, a variety of designs and schemes have materialized but failed to gain enough traction to bring the project to the construction phase. Now, it seems, the site's owner is giving up on the plans and putting the site on the market for $210 million, according to Eastern Consolidated, which is marketing it. The site has already gone through the city's Uniform Land Use Review Procedure (ULURP) process, and there is approval for five buildings containing 754 apartments (226 of them affordable), 496 parking spaces, 29,000 square feet of retail, and both waterfront park land and private green space.
ULURP approval aside, Community Board 1's land-use committee was not in support of the original plans for Rose Plaza, and after a brief holy war and much discussion, developer Isack Rosenberg agreed to shrink the project until there were fewer apartments for "yuppies/artists" and more family-sized units. Still, even a plan to convert another building to a rental in order to finance the construction of Rose Plaza didn't bring in the money Rosenberg needed to get the project off the ground. Perhaps a new buyer will have better luck?
· Rose Plaza coverage [Curbed]
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