Caton Flats, a fully affordable housing and mixed-use redevelopment project, has broken ground in the Flatbush neighborhood of Brooklyn, New York City. Completion of the 255-unit community is expected by 2021.
Located at the northwest corner of Caton and Flatbush Avenues, the 14-story building will house a revitalized and expanded Flatbush Caton Market and a 20-year-old indoor marketplace, among other spaces. The project is being developed by BRP Companies in concert with the New York City Economic Development Corporation (NYCEDC), the Department of Housing Preservation and Development (HPD), and the Housing Development Corporation (HDC).
NYCEDC selected BRP Companies, a developer of urban multifamily properties, through a competitive process in 2015 to reshape the city-owned market into a mixed-use building combining the marketplace with affordable housing for the area’s rent-burdened residents.
The project is slated to deliver 220,000 square feet of residential space. All of the 255 residential units, ranging from studios to three-bedroom apartments, will be 100 percent affordable to a spectrum of residents from very low-income to middle-income households.
SECOND ACT FOR INDOOR MARKET
Plans also call for 16,000 square feet of space for the ground-floor Caribbean market, small business incubators and offices. An additional 5,000 square feet of community space will be owned and operated by the Caribbean American Chamber of Commerce and Industry (CACCI) and another 10,000 square feet will be earmarked for local retail. CACCI and the Caribbean American Trade Center will set up a permanent headquarters on the second floor of the new property.
The project will bring upgraded amenities and expanded space for food vendors as well as community flex space to the existing Flatbush Caton Market, which is operating out of a temporary location at 2184 Clarendon Road in Flatbush while construction is underway.
The New York City Council approved the plan by the administration of Mayor Bill de Blasio to redevelop the market in 2017. The Caton Flats project received $60 million in financing through the Freddie Mac Non-LIHTC Forward Commitment last month.
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