"CIM is proposing to build 661 apartments, 165 of which would be deemed affordable. It would do this, in part, by increasing the height of two of the five buildings in the complex."
"The 25-30 Columbia Heights complex is composed of five buildings that originally made up the Squibb Plant, built by the Squibb pharmaceutical company as a factory."
"The red Watchtower sign came down and the 700,000-square-foot complex was renovated, but Panorama didn't take off - the Brooklyn office market never materialized as developers had hoped."
CIM Group, after acquiring the 25-30 Columbia Heights complex, initially aimed to create an office and film studio called Panorama. However, the project struggled due to a lack of demand in the Brooklyn office market, exacerbated by COVID-19, leading to significant vacancy. Now, CIM proposes to transform the complex into residential housing, planning to build 661 apartments, with 165 designated as affordable. This involves increasing the height of two buildings while retaining some commercial space on the ground and lower floors.
Read at Curbed
Unable to calculate read time
Collection
[
|
...
]