Coney Island Potential (Beyer Blinder Belle)
Coney Island has come a long way since Hurricane Sandy struck in 2012. And after years of picking up the pieces, the former disaster zone is returning to a more populated glory - though some problems remain. Now, the attraction-filled neighborhood is experiencing a real estate boom and that has four major mixed-used residential developments on tap totaling 2,151 units.
Last month, we reported that construction has started on southern Brooklyn's future tallest tower, a 42-story, 576-unit rental at 532 Neptune Avenue, dubbed "Neptune/Sixth." Construction has also begun on two more of those forthcoming developments; "Surf Vets Place," which will contain a mix of affordable and supportive housing with 82 of its apartments set aside for homeless veterans, and "Ocean Dreams," a 440-unit development expected to debut in 2019.
Surf Vets Place at 2002 Surf Avenue
Construction underway at Surf Vets Place
Google Street View
The latter comes from billionaire developer John Catsimatidis, who recently announced plans for a "Coney Island Trolley" that will operate from the building, located at 3514 Surf Avenue, to the Stillwell Avenue subway station. The trolley will reportedly be available to all - not just residents of the market-rate apartments.
Concept rendering of Ocean Dreams project at 3514 Surf Avenue (CIRA)
Ocean Dreams (CIRA)
Construction has started at 3514 Surf Avenue (Google Street View)
And yet, the largest development is still to come. While plans have yet to be submitted, it looks like Taconic Investment Partners, along with development partner The Prusik Group, are planning to build a ground-up mixed-use complex tentatively referred to as "Coney Island North Venture" and comprised of 1,000 apartments, 80,000 square feet of office space, and 150,000 square feet of retail along Surf Avenue (1709-1905 Surf Avenue). According to Prusik's site, the complex will span three blocks and be completed in 2020. The design includes various buildings heights, with the tallest reaching about 14 stories, and topped with accessible rooftop space.
The huge development won't be replacing anything too special since the lots are either vacant or "under-improved land," aka parking lots. However, since it's so close to MCU Park and the Coney Island Beach & Boardwalk, you can bet that once those buildings go up, parking is gonna be a beach.
The huge development won't be replacing anything too special since the lots are either vacant or "under-improved land," aka parking lots. However, since it's so close to MCU Park and the Coney Island Beach & Boardwalk, you can bet that once those buildings go up, parking is gonna be a beach.
Rendering of Coney Island North Venture (The Prusik Group)
According to their site, Taconic acquired the parcels in June 2005, just two years after the City of New York formed the Coney Island Development Corporation to oversee redevelopment of the neighborhood. The sale also included a southern parcel, referred to as the "Coney Island South Venture," which encompasses 5.5 acres over four blocks along the beachfront. Most of the southern properties are owned outright and one is controlled by a long-term leasehold. No word yet on what exactly will sprout from those lots, but the developers aren't exactly known for keeping it small - um, check out all nine sites of Essex Crossing for reference.
The New York City Council's adoption of the City Planning’s Comprehensive Zoning Plan for Coney Island in 2009 allows Taconic to create floor areas between 1.8 million and 2.4 million square feet, as well as the potential to create more than 200,000 square feet of retail space and about 2,000 residential units total. If that potential is realized, Coney Island North & South Ventures will bring more units to the neighborhood than Essex Crossing will bring to the Lower East Side. And let's hope Taconic delivers on retail - Coney Island is still underserved on that end.
Beyer Blinder Belle
Content Specialist
Sandra Herrera
Sandra Herrera is a writer, editor, and graphic designer based in Brooklyn, NY.
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