Fortis Property Group

Fortis Property Group

Fortis scraps affordable housing plans for LICH The developer will move forward with its as-of-right project

Jonathan Landau and Long Island College Hospital

After several months of uncertainty and failed negotiations with the city, it looks like Fortis Property Group s Long Island College Hospital development won t include affordable housing after all.

The company s president, Joel Kestenbaum, told Politico that Fortis has decided to move forward with an as-of right redevelopment at the Cobble Hill site, saying that the option was more profitable than one that would have included affordable housing units. He hasn t provided specific plans, but previously revealed plans for an as-of-right development including 528,935 square feet of market-rate apartments. The affordable option included 900,000 square f上海千花网交友

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eet of luxury housing and 225,000 square feet of affordable housing.

The decision is a blow to Mayor Bill de Blasio, who supported the affordable housing version after vehemently opposing the hospital s closure. The affordable housing option would ha爱上海

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ve required a rezoning, which was opposed by Councilman Brad Lander and other community officials.

During a recent interview wit上海夜网论坛

上海夜网
h The Real Deal, Fortis CEO Jonathan Landau said the project was financially feasible without the upzoning but said the company was a few months off from making a final determination. Fortis purchased the hospital in 2015 for $上海贵族宝贝

上海千花网龙凤论坛
240 million. [Politico] — Kathryn Brenzel 

Tags: affordable housing, Fortis Property Group, long island college hospital
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