A new team of developers has taken over plans for a mixed-use, high-rise project in south Williamsburg.
According to YIMBY, a joint venture between Loketch Group, the Joyland Group, and Meral Property Group has taken over plans for the wedge-shaped property located at 555 Broadway, where a British co-living company had previously announced plans for a 28-story tower. That project, designed by ODA, would have included traditional apartments, as well as short-stay rooms, offices, retail space, and amenities.
However, plans for that $450-million project were waylaid by the pandemic.
Instead, new plans call for an approximately 330,000-square-foot housing development, which will feature an unspecified number of affordable units. SCALE Lending has provided a $137-million loan for the project.
A timeline and updated design for the project have not been revealed.