The Michaels Organization, a national leader in residential real estate, along with its joint-venture partners, Triangle Equities and Geolo Capital, is set to break ground on 111 Willoughby Street, a Class-A, mixed-use high-rise tower in the heart of downtown Brooklyn, following a successful financial closing on the $123 million development.
“We are thrilled to bring this community to the housing-constrained market of Brooklyn, including new affordable apartments,” said Michaels’ Executive Vice President Michael Flanagan. “Assembling a strong team for this venture, made up of our co-development partner Triangle Equities and our limited capital partner Geolo Capital, has enabled us to move forward with this exciting development and position our partnership to capitalize on the post-COVID bounce-back of Brooklyn.”
Located on Willoughby Street between Bridge and Duffield Streets in historic Downtown Brooklyn, 111 Willoughby is situated across the street from the Jay Street subway station and within close proximity of other public transportation, as well as an abundance of retail, dining, academic, and cultural offerings, as well as green space.
The innovative design of the tower will incorporate both community and commercial space. Three of the floors will house the Newman Center, an approximate 20,000-SF ministry center serving the 150-year-old parish St. Boniface. Floors six through 40 of the 40-story tower will offer 227 apartments homes, including 69 designated as affordable.
Featuring high-end finishes and community amenities that include a 24-hour concierge, rooftop lounge, and fitness center, 111 Willoughby Street will encompass 204,836 gross square feet and rise 437 feet in the air.
“We are delighted to partner with Michaels, one of the country’s foremost housing developers, as we expand our presence on the East Coast,” said Geolo Capital’s Chief Investment Officer, Hector Calderon. “Together with Michaels and Triangle, we will deliver a first-class product that will add to the richness of this Brooklyn neighborhood.”
Based in Camden, NJ, and active in 37 states, Michaels has had a major presence in New York for decades, but 111 Willoughby Street will be its first market-rate development in Brooklyn.
Other members of the development team include GF55 Architects and ZDG, LLC, as the Construction Manager. Delivery is expected in 2025.
About Michaels: Michaels is a national leader in residential real estate, offering full-service capabilities in development, property management, construction, and investment. Serving 175,000 residents in more than 440 communities in 37 states, D.C., and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
About Geolo Capital: Geolo Capital, founded in 2005, is the San Francisco-based private equity investment arm of the John Pritzker family office. Historically focused on the hospitality and consumer sectors, Geolo is now a vertically integrated developer, investor and lender for hospitality and multifamily real estate. Over the previous 12 months, Geolo closed on equity investment commitments of approximately $200 million, which represents over 3,500 multifamily units and $800 million of asset value across both development and acquisitions.
About Triangle Equities: Triangle Equities is a full-service, real estate development firm that is prepared to tackle and solve the most difficult development challenges. By actively embracing the complexities inherent to responsible urban development, Triangle achieves sustainable results and unlocks substantial value for its investors, tenants and the communities in which it builds.
Source : https://www.newswire.com/news/the-michaels-organization-poised-to-break-ground-on-111-willoughby-21647989
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