"The MTA is taking a swing at cashing in on Brooklyn's latest rezoning wave, putting a long-overlooked Pacific Street parking lot on the block with residential upside baked in."
"Now it can support roughly 300 apartments. That shift is the direct result of two overlapping policy moves: the Atlantic Avenue Mixed-Use Plan, approved last year, and the City of Yes for Housing Opportunity text amendment."
"Under Mandatory Inclusionary Housing, at least 25 percent of units must be set aside for households earning an average of 60 percent of area median income."
"For the MTA, the listing underscores a broader strategy of monetizing underutilized assets to self-fund more of its capital needs."
The MTA is offering a 30,000-square-foot parking lot on Pacific Street for sale, aiming to fund its capital program. Recent zoning changes allow for approximately 300 apartments on the site, transforming it from low-density commercial use. This shift is due to the Atlantic Avenue Mixed-Use Plan and the City of Yes for Housing Opportunity amendment. Developers can also utilize air rights from the adjacent shuttle right-of-way, potentially creating a 250,000-square-foot project. The project will include affordable housing requirements, reflecting a strategy to monetize underutilized assets.
Read at therealdeal.com
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