First Citizens Bank has provided $73.4 million in construction financing for the construction of a new residential tower in Brooklyn's rezoned Gowanus neighborhood, reports Commercial Observer.

The loan to Quinlan Development Group will go toward the construction of a 17-story building at 374 Fourth Avenue in Gowanus, a site which was previously home to a taxi depot. The proposed project would include 197 residential units, 6,030 square feet of commercial space, and parking for 30 vehicles.

GF55 Partners is reportedly designing the project.

Quinlan is aiming to complete construction of 374 Fourth Avenue by the third quarter of 2024, according to its website.

Plans for 374 Fourth Avenue were submitted for review roughly one year ago, not long before a final vote on the Gowanus rezoning, which permits the construction of up to 8,000 residential units and buildings up to 22 stories in height along the canal from which the neighborhood takes its name.