Correction Appended: While some Gowanus residents fear the gentrifying affects a new high-rise development proposed by the Lightstone Group could have on the neighborhood, others see it as a bargaining chip to get the filthy Gowanus Canal and other toxic sites cleaned up, according to the New York Times.
The 700-apartment Lightstone Group project came after the canal was designated a Superfund site — a designation that caused a previous 500-unit proposal from Toll Brothers to be scrapped. The Environmental Protection Agency’s plan to dredge the 1.8 mile toxic canal bottom and recap it could take more than a decade and cost $300 million to $500 million.
Lightstone plans to offer retail and community space at the $300 million, proposed development, which is located on Bond Street between Carroll and 2nd streets, but getting the site cleaned up will become a priority if the developer intends to successfully attract the well-heeled residents it is reportedly targeting. [NYT] – Christopher Cameron
Correction: In an earlier version of this piece, The Real Deal incorrectly reported the number of units and name of Lightstone’s Gowanus project.