"A well-meaning project that cannot be financed will not be built," said lawyer David Rosenberg, highlighting how the rezoning changes rendered the project financially unworkable for Continuum.
City Planning Commission modified the developer's application for a 14-story building at 962-972 Franklin Avenue, significantly reducing its height and the number of units to safeguard the nearby Brooklyn Botanic Garden.
After nine of 12 commissioners approved the updated rezoning proposal, Continuum Company decided to withdraw its application, ending years of attempts to rezone the Spice Factory site.
The site will likely now be developed as market-rate condos under existing zoning, as the modified proposal to protect the garden and playground couldn't deliver the promised housing and jobs.
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