DUMBO — Brooklyn Bridge Park and Alloy Development/Monadnock Construction are teaming up to develop a 47-unit apartment building, cultural space and parklands at 1 John St. in a 1.5-acre site once owned by Con Edison, the mayor's office announced Wednesday.
Revenue from the residential development will help pay for park operations, maintenance and expansion.
The Brooklyn Bridge Park board announced their choice of the project's developer Wednesday.
“Today’s board action is another positive step forward for the long-term financial stability of Brooklyn Bridge Park,” said Deputy Mayor for Economic Development and Brooklyn Bridge Park Corporation Chairman, Robert K. Steel, in a statement. “This investment in residential, retail and cultural space will strengthen the public-private partnership that has made this park so successful and spur healthy economic development that will extend beyond the neighborhood of Dumbo.”
The 12-story apartment building will house the Brooklyn Children's Museum in its ground floor along with additional space for retail stores. New parkland including pedestrian bridges, pathways, and a expansive lawn will surround the nearly 100,000-square-foot structure.
Brooklyn Bridge Park officials chose the Alloy Development and Monadnock Development design from a group of 11 finalists vying to development the waterfront spot.
Construction is planned for 2014 with an expected winter 2015 completion date.