A developer’s controversial plan to build a Home Depot above a railyard on the border of Sunset Park and Bay Ridge has been abandoned until the economy rebounds.
Developer Andrew Kohen told The Brooklyn Paper this week that he can’t move forward with his 11-story building — which includes the 100,000-square-foot superstore, 216 apartments and office space — until the market recovers.
“We are waiting and hoping for the economic environment to improve,” said Kohen, whose project initially faced opposition from Community Board 10 because of its size.
In the end, though, the board last July approved Kohen’s plan for the corner of 62nd Street and Eighth Avenue.
But then, the economy slowed.
Kohen’s development joins a number of higher-profile projects that have stalled in the aftermath of the sub-prime mortgage crisis.
Bruce Ratner has struggled to save his ailing Atlantic Yards project near Downtown Brooklyn. The cost of the basketball arena has more than doubled to $950 million, an anchor tenant has not come forward for the iconic Miss Brooklyn tower, and the developer now says only one of his original 16 skyscrapers remains in the once $4-billion plan.
And this week, developer and mayoral candidate John Catsimatidis announced that he had eliminated affordable units in his 660-unit project on Myrtle Avenue in Fort Greene because of the credit crisis.
Nonetheless, Kohen is confident that the market will recover and he will build the Home Depot.
“I’m an optimistic person,” he said. “I always see the glass as half full.”
©2008 Community News Group
By submitting this comment, you agree to the following terms:
You agree that you, and not BrooklynPaper.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to BrooklynPaper.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.