It looks like bidders on Downtown Brooklyn's for-sale Macy's are experimenting with the idea of redeveloping the store. In July, the company put its landmarked Brooklyn flagship at 422 Fulton Street as well as the company-owned neighboring parking garage at 11 Hoyt Street on the market, seeking a developer who will either rehabilitate the building or build a new one in place of the parking garage. YIMBY spotted some renderings that developer Brookfield did as a part of their bid for the properties. Their renderings depict a glassy store topped by a soaring residential tower in place of the parking garage, and a rehabbed flagship store.
The two properties come with 1.34 million square feet of development rights, which would at least allow the intriguing residential tower. When listing the properties in July, the company requested that bidders include a 300,000-square-foot Macy's along with 25,000-square-feet for a Bloomingdale's outlet store, TRD reported in August. Although this is just a preliminary bid, it'll be interesting to see what pans out at the site.
· First Look: 450-458 Fulton Street [YIMBY]
· Is Macy's Saying Goodbye to its Downtown Brooklyn Flagship? [Racked]
· Crown Acquisitions owns quiet stake in Macy's Brooklyn garage [TRD]
· All Macy's coverage [Curbed]