Crain’s has some follow up community reaction to the news that Two Trees might be buying the Domino site. Apparently the community, or at least Isaac Abraham, is “anxious” about the sale:
Any developer or investor who wants to purchase Domino without committing itself to the 660 affordable units, should really think twice,” said Isaac Abraham, a Williamsburg community leader and housing advocate
Not to worry, says CPC, the parent company of bankrupt developer CPC Resources:
CPC Chief Executive Rafael Cestero, told Crain’s New York Business on Sunday that the new owner would be required to follow the zoning guidelines, which among other things would mean providing the affordable housing.
All of the affordable housing? Or just “the affordable housing” required under the inclusionary program (which amounts to 440 units – 20%)? CPCR was never bound to provide 30% affordable housing. Even the 20% is optional – though, as at other waterfront sites, the incentives are deep enough to make that 20% a very attractive deal. The other 10%? The community supporters of CPCR – and the city – gave that away. Hopefully someone steps up to keep CPCR’s word, but nothing is guaranteed.
Remember – 20% is the baseline. Neither CPCR nor Two Trees (nor any other developer) is obliged to build a single unit more. No one in the community should be surprised if a third party developer does’t live up to CPCR’s unsecured promises. If it wasn’t binding on CPCR, why should it be binding on anyone else?