Cirrus Real Estate and LCOR aim to take over the railyard development sites at Pacific Park and Site 5. Empire State Development confirmed the submission of their application as permitted developers for these sites. Greenland will remain a financial partner but not actively manage the development. Previous deadlines for completion of the 2,250 affordable apartments required by May 2025 have been missed, with 876 units still needed. New deadlines have been set by ESD to facilitate the ongoing development efforts.
Cirrus Real Estate and LCOR seek to take over the remaining railyard development sites at Pacific Park along with the separate property known as Site 5.
Empire State Development confirmed that an application was submitted to designate Cirrus and LCOR as permitted developers for the six railyard sites.
Greenland, the current developer, along with U.S. Immigration Fund and Fortress Investment Group, will be financial partners but not active in management.
Pacific Park's completion is overdue, with Greenland responsible for 2,250 affordable apartments by May 2025, yet 876 units remain unfinished.
#pacific-park #real-estate-development #affordable-housing #brooklyn-megadevelopment #cirrus-real-estate
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