One of two developers tapped to bring affordable housing to the former Long Island College Hospital site in Cobble Hill has dropped out, citing concerns about the short time frame for finalizing the sale and relatively short height of the planned apartment buildings.
Ron Moelis of L+M Development Partners told The Wall Street Journal that the company would consider returning if the buyer, Fortis Property Group, got city approval for taller buildings. Meanwhile, fellow housing developer Full Spectrum NYs COO Carlton Brown affirmed the companys commitment to the project. The sale of the 20-acre site was approved on June 26 after over a year of legal battles between LICHs owner, SUNY, and community groups and officials, who consider healthcare and affordable housing to be a deal-breaker.Leave a Reply
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