NEW YORK, HORSHAM, Pa. and GREENWICH, Conn., June 19, 2012 /PRNewswire/ -- Toll Brothers City Living®, the urban development division of Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com) and Starwood Capital Group, a leading global private investment firm, on behalf of Starwood Fund IX, today announced that the Brooklyn Bridge Park (BBP) Board of Directors has selected a joint venture between the two companies to develop a luxury, eco-friendly hotel and condominium community adjacent to Pier 1 in Brooklyn Bridge Park. The site will feature a 200-room hotel, which will carry Starwood Capital's 1 Hotel brand, and 159 condominium residences spread over two buildings marketed under the Toll Brothers City Living brand. It will be located immediately south of the DUMBO neighborhood and the Brooklyn Bridge, west of Brooklyn Heights, and adjacent to the Park entrance at Pier 1.
The development will feature unobstructed views of lower Manhattan, the Brooklyn Bridge, New York Harbor, the Statue of Liberty, and the Park. Residents and hotel guests will enjoy easy access to Wall Street, Midtown Manhattan and Brooklyn from the East River Ferry and New York City Subway systems. In addition, the project will offer direct access to the spectacular Brooklyn Bridge Park, an 85-acre waterfront site stretching along Brooklyn's East River edge. The development will total approximately 550,000 square feet, including nearly 16,000 square feet of indoor and outdoor restaurant space, 16,000 square feet of banquet and meeting space, over 2,000 square feet of retail space, a 6,000 square foot spa and fitness center and 300 underground parking spaces. The 10-story hotel and condominium complex and five-story condominium building are being designed by Rogers Marvel Architects. The project, which will feature a stepped facade of stone and metal, green roofs, a variety of walkways to access the park and Furman Street, is projected to achieve LEED Silver Certification.
The development will feature a 1 Hotel, Starwood Capital's four-star, environmentally friendly luxury hotel, which will combine environmentally sustainable architecture and interior design with impeccable service and luxurious comfort. An interior design firm will be selected shortly.
"We are extremely pleased to be partnering with Toll Brothers to build one of the most exciting new developments in New York City in many years," said Barry Sternlicht, Chairman and CEO of Starwood Capital Group. "With its incredible views of the Manhattan skyline and the iconic Brooklyn Bridge, extraordinary amenities, attractive and affordable location, and close proximity to transportation hubs, Brooklyn Bridge Park is the perfect location to showcase the 1 Hotel and adjoining residences. This development will be perfectly positioned to take advantage of the significant renaissance occurring along the Brooklyn waterfront. We expect our restaurants, bars and large social catering space to be incredible destinations for both the community and Manhattan residents. We look forward to building an important showcase hotel and waterfront residence like no other project in the five New York City boroughs."
The residential component of the project will feature spacious condominiums with a townhouse feel, reminiscent of the brownstones found in many Brooklyn neighborhoods. All of the homes will feature spectacular views of lower Manhattan, the Brooklyn Bridge and New York Harbor. The condominiums, which will include the highest quality finishes, will offer residents over 12,000 square feet of amenity space including a state-of-the-art fitness center, children's playroom, and bike storage, in addition to preferred access to the 1 Hotel spa and services. This development represents the 20th project for Toll Brothers City Living in the New York City metro market since its entry in 2003.
"We are thrilled to be collaborating with such an accomplished company as Starwood Capital to continue the development of the Brooklyn waterfront," said Robert I. Toll, Executive Chairman of Toll Brothers, Inc. "This development is one of the most exciting new residential and hotel properties to be built in Brooklyn, and New York City overall, in a very long time. The location and views alone will ensure that it becomes a special piece of the NYC landscape for many decades to come."
The joint venture will enter into a 97-year ground lease of the site, which will require it to make ongoing payments to help fund the park's maintenance and operation as well as build restrooms, maintenance space, and landscaping for the park. Starwood Capital and Toll Brothers expect to break ground on the development by Summer 2013 and open the hotel and residential building in Fall 2015.
About Starwood Capital Group
Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since the group's inception in 1991, the firm has raised over $14 billion of equity capital and, through its various funds, has invested $12 billion representing over $32 billion in assets. Starwood Capital Group currently has over $19 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C. and Los Angeles, and affiliated offices in London, Luxembourg, Paris, Mumbai and Sao Paulo. Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets. Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets. Additional information about Starwood Capital can be found at www.starwoodcapital.com.
About Toll Brothers City Living
Toll Brothers City Living® is the urban development division of Toll Brothers, Inc. (NYSE:TOL), the nation's premier builder of luxury homes. Toll Brothers City Living is bringing the same quality, value and service familiar to luxury home buyers throughout the country, to some of the most dynamic urban markets including Manhattan, Brooklyn and Queens in New York City; Hoboken and Jersey City, New Jersey; and Philadelphia, Pennsylvania. Since entering the urban metro New York City market in 2003, Toll Brothers has completed 13 buildings of approximately 2,800 units, approximately 2,700 of which have been sold; and is currently in construction on four buildings of 734 units with seven more buildings of approximately 1,100 units in planning. Toll Brothers City Living communities combine the energy of an urban lifestyle with unparalleled amenities, spectacular architecture, energy-efficient home design, and the expertise of the nation's leading builder of luxury homes. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers - Metropolitan Opera International Radio Network, bringing the Met opera to neighborhoods throughout the world. Additional information is available at www.TollBrothersCityLiving.com and www.TollBrothers.com.
SOURCE Toll Brothers City Living; Starwood Capital Group