Sunday, July 11, 2010

Bell tolls for Toll Brothers

From the Brooklyn Paper:

The “Superfund stigma” has claimed its first victim, as a development company that once envisioned a 500-unit complex along the banks of the fetid Gowanus Canal has officially bailed on its five-year pursuit of the project saying that it can’t wait for the federal government to complete its proposed 10-plus year clean-up.

Toll Brothers walked away from a $5.75-million down payment it had made on canal-front land just south of the Carroll Street bridge, making good on a promise to abandon its plan if the federal government designated the waterway a Superfund site, as it did in March.

Toll had entered a contract to purchase the property from Joseph Phillips and Citibank in 2004, and made its down payment on the eventual purchase price of $20.6 million, according to court papers filed last year.

Had the project advanced, Toll would have purchased a total of three parcels on two adjoining blocks to build a mixed-income project with 477 apartments in a complex of townhouses and buildings scaling as high as 12 stories.


Anonymous said...

So now hopefully the government will clean the site up before any housing is built there.

Bloomberg must be steaming right now.

Anonymous said...

As if the city needs more development in already crowded neighborhoods.

The Troll brothers can now go back to their caves.