Canyon Partners Real Estate is developing a partially-affordable multifamily community in Brooklyn’s Gowanus neighborhood. The company formed a joint venture with Tavros and Charney Cos. to develop 251 Douglass Street, which will be located in an Opportunity Zone.
Tavros and Charney Cos. acquired the project site for $22.5 million in April 2020 before teaming up with Canyon Partners. The three partners have begun construction on 251 Douglass Street, expecting to complete the project in the fourth quarter of 2024.
The joint venture has tapped Broadway Construction Group as the project’s general contractor, while Fogarty Finger will serve as the project architect. The Gowanus project has secured $64.4 million of equity, along with a $119.9 million senior construction loan with financing provided by Barings. Newmark’s Jordan Roeschlaub, Dustin Stolly and Chris Kramer arranged the debt for 251 Douglass Street.
When fully built out, the 15-story community will total 260 units in studio, one-, two- and three-bedroom floorplans averaging 628 square feet. The developers will designate 65 of the units as permanently affordable. Community amenities will include a 6,000-square-foot landscaped roof, fitness center, resident lounge and bicycle storage. The building will feature an energy-efficient design and offer ground-floor retail space.
The community will be located across Thomas Greene Playground, several blocks from the Union Street train station. Residents will be a short walk away from the nearby Whole Foods and the Barclays Center.
Another Opportunity Zone project in Gowanus
As with other Canyon Partners’ projects, 251 Douglass Street is located within a Qualified Opportunity Zone. Prior to this build, Canyon Partners partnered with Tavros and Charney Cos. on 585 Union Street, another partially-affordable community in a Gowanus Opportunity Zone.
With 251 Douglass Street, Canyon Partners is now on its 12th community in an Opportunity Zone, with a portfolio that totals $1.2 billion in project capitalization. The company’s assets also include the 230-unit mid-rise project in a Burien, Wash., Opportunity Zone that broke ground in summer 2021.
