Developer of Gowanus Waterfront Property Secures $176 Million Loan

The skyline in the Gowanus area is changing. Residents can expect residential skyscrapers and greenery to enclose the neighborhood.

In recent weeks, the developer Domain Companies has secured a loan of $176 million to refurbish 420 Carroll Street. Construction plans include a 20-story tower, 15-story tower, and public access to the Gowanus Canal promenade. The waterfront property is set to be designed by FXCollaborative.

One of the driving forces behind the building plan is to achieve mixed-income housing, something that members of the community insist is much needed. Twenty-five percent of the new apartments are set as affordable housing, designated for families earning 40 to 100 percent area median income (AMI). The property will offer retail spaces and a range of amenities, including a lounge, fitness center, playroom, coworking space, bike storage room, and various outdoor spaces.

As part of the 82-block rezoned area surrounding the Gowanus Canal, 420 Carroll Street will be accompanied by much adjacent construction. There are plans for developing over 7.6 million square feet of residential space and 1.5 million square feet of commercial area.

The development of the 420 Carroll Street is expected to be completed in 2024. The property was acquired by Domain Companies in 2018 for a reported $47.5 million.