Gowanus, Brooklyn

Project Name: 514 Union Street

Project Description: 514 Union Street is a 258k gross square feet ground-up construction mixed-used multifamily + 18k SF retail in Gowanus, Brooklyn. A total of 155 units, 70% are market-rate units and 30% affordable units. 10-year hold to maximize Opportunity Zone Credits and $9M in anticipated Brownfield Tax Credits. Construction start is pending City-led rezoning of Gowanus in late 2021.

Total Development Cost: $214M

Status: In progress

Financing: $74M Equity and $140M Construction Loan

Design: SLCE (Project Architect)

Engineering: WSP (Structural and MEP)

Contract Type: Guaranteed Maximum Price Contract (GMP) with Monadnock

Project Challenges and Solutions:

• Due to COVID-19, the Gowanus neighborhood rezoning plan was delayed in 2020. The rezoning plan is expected to enter the City’s formal public review process for land use changes (also called ULURP) in January 2021.