City Council unanimously approves proposed development 737 Fourth Ave. in Sunset Park
Mixed-use affordable housing project in Sunset Park is accompanied by precedent-setting Community Benefits Agreement
On Thursday, the New York City Council approved the rezoning for the proposed 737 Fourth Avenue project in Sunset Park by Totem, a real estate developer specializing in community-driven projects. The proposed project includes development of 134 residential units, 1 in 4 of which will be permanently affordable at an average of 46% of area median income (AMI), or between $40,960 and $51,200 for a family of three. The project also includes ground-floor retail, publicly-accessible car and bike parking including a new concept for indoor bike storage with preference for delivery workers who live in Sunset Park, transit accessibility, and an environmentally-centric building design.
Linked to this approval is a first-of-its-kind Community Benefits Agreement (CBA) to ensure lasting benefits for the community, including affordable housing, jobs and infrastructure improvements for the neighborhood. Unlike previous CBAs, which are normally stand-alone agreements, this CBA was signed by Totem, along with local community-based organizations including Fifth Avenue Committee, Brooklyn Workforce Innovations, Southwest Brooklyn Industrial Development Corporation and Opportunities for a Better Tomorrow as part of the ULURP process. Following approvals by Community Board 7, Brooklyn Borough President Eric Adams, and the City Planning Commission, this CBA was formally announced at a City Council hearing held on February 23rd.
“We are thrilled by the City Council’s decision to approve the rezoning of this land for residential use. We have held conversations and discussions with the community over the past year and are confident that 737 Fourth Avenue will bring much-needed benefits to Sunset Park,” said Vivian Liao, Co-Founder, and Principal at Totem. “With the help of the community, we have specifically designed 737 Fourth Avenue to bring housing, transit accessibility, green design, and jobs to the neighborhood, while also setting a precedent for future inclusionary zoning with the CBA.”