Jed Walentas of Two Trees, which last week signed a $185 million contract to buy the Domino Sugar Factory plant in Williamsburg, told the New York Observer that there may not be affordable housing at the waterfront development.
“I know there is a lot of interest in affordable housing in the community,” Walentas told the Observer. “If we can reach a broad level of support for more, and it is buildable, that is something we would consider.” The property’s former owner and developer CPC Resources had promised to make 30 percent of the 2,200 units affordable, though zoning did not mandate it. The promise was made official in a CPC-signed memorandum of understanding.
“That MOU was not signed by us and the zoning is what it is,” Walentas told the Observer.
However, Walentas said he still has no idea what Two Trees will do with the site. He said that affordable housing is not at the top of his list, but there are also other features the site can provide, such as schools or community space. [NYO]