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Williamsburg's Dime Savings Bank Building Will Sprout a 22-Story Tower

A one-acre site that abuts the Neo-Classical building will give rise to a new mixed-use building

A 22-story mixed-use tower is slated to be built at 263 South 5th Street by Charney Construction and Development, reports YIMBY. Just a block from the J/M/Z stop at Marcy Ave, this 243,000-square-foot building will span almost the entire block between South 4th and 5th Streets, Havemeyer Street, and Marcy Avenue. The building will be roughly half the height of nearby luxury condo complex, One North Fourth, which has towered over the Williamsburg Waterfront at 41 stories since 2014.

This past March, Charney purchased the one-acre site, which once belonged to the Dime Savings Bank of Williamsburgh and is "one of the largest remaining residential development sites in Williamsburg" (per YIMBY) for $80 million. The new tower, called The Dime, will benefit from the bank building’s air rights and will incorporate the historic structure into its design. The first four floors will be dedicated to offices and retail space, followed by one floor of amenities, and 16 stories of apartments. Luckily for future tenants who want to load up their cars at the new nearby Whole Foods, the building will also come with 340 parking spaces, 291 of which will be in a new underground garage.

Fogarty Finger Architecture, which Charney previously teamed up with to create The Jackson in Long Island City, will design The Dime. The team expects to break ground in March 2017 and complete the project in spring 2019, the year of the impending L train shutdown.