Developer ditches plans to swap Pacific Park residential building for office space

Developers Greenland USA are scrapping plans to convert one of the sites at Pacific Park from a residential building to an office tower.

The Real Deal reports that the site east of the Barclays Center between Atlantic and Sixth avenues, also known as B4, will remain residential after developers decided that it was “better suited” for the original plan. In 2016, Greenland USA revealed that they would aim to utilize the site for commercial use instead of residential with affordable housing. The intent was to transfer rights from the B2 site, where a residential building rose at 461 Dean Street instead of a commercial development, to the B4 site. However, Greenland USA never formally requested permission from the Empire State Development Corporation.

Per TRD, Greenland is in the midst of restructuring its partnership Forest City and is increasing their stake in the project. Additionally, a new firm formed by Maryanne Gilmartin and L&L Holdings Principals will forge an agreement with Forest City for future work within Pacific Park.

Construction on site B4 is expected to break ground some time in 2019. It remains to be seen whether the plan is still to offer a mix of rentals and condos within the building.

• Greenland says Pacific Park’s B4 site will remain residential [The Real Deal]
• Pacific Park Developers Want Not One, But Two New Office Towers [Curbed]