Plans for the New Domino Set Goal of 30% of Units for Affordable Housing in Mixed-Income Community on the Brooklyn Waterfront

July 24, 2007

Plans for the New Domino Set Goal of 30% of Units for Affordable Housing in Mixed-Income Community on the Brooklyn Waterfront

Former Industrial Site Will Mirror the City’s Economic and Cultural Diversity and Preserve Historic Architecture in Williamsburg

Brooklyn, July 24, 2007 -- Refinery LLC, owner of the former Domino Sugar factory complex, unveiled plans today for the redevelopment of the 11.2-acre site with a goal of providing 30 per cent affordable housing in a mixed income community on the Brooklyn waterfront just north of the Williamsburg Bridge.

CPC Resources, Inc., managing partner in Refinery LLC, also plans to preserve the historic Refinery complex at the center of a new community of approximately 2,400 residential units and approximately 220,000 square feet of new retail, commercial and community cultural facility space. The new buildings flanking the Refinery will rise to a variety of heights along Kent Avenue and along the streets toward the River, with the taller portions rising to 30 and 40 stories.

The striking design by Rafael Viñoly Architects PC restores visual and physical access to the waterfront along each of the upland streets leading to the River – access which had been closed off to the public for more than a century – and offers a spectacular addition to the Brooklyn skyline.

The plan for the upland portion of the project continues the varying-height design concept so as to integrate the upland and waterfront components.

The site plan incorporates approximately four acres of public, landscaped park space along the riverfront, including a central gathering place along the River behind the historic Refinery.

The Domino waterfront site is bounded by the East River on the west, Kent Avenue on the east, South 5th Street on the south and Grand Street on the north. The upland site that is included in the development plan is located on the block bounded by Kent Avenue on the west, Wythe Avenue on the east, South 4th Street on the south and South 3rd Street on the north.

In describing the development plan, Michael Lappin, President and CEO of the Community Preservation Corporation (CPC), the non-profit parent of CPC Resources, said, “More than just a place with striking architecture, handsome buildings and an attractive historic waterfront setting, the redeveloped Domino site will build on the City’s greatest legacy – providing a home where people of diverse backgrounds can live together and form enduring communities.”

Affordable Housing for Williamsburg

The New Domino will include a significant component of affordable housing. The developer’s goal is to set aside 30 percent of all units as affordable. This will include a portion of rental housing for low-income households at or below 30% of the area median income (AMI); a second portion of rental housing for median-income households at or below 60% AMI; a portion for senior housing at 50% AMI and homeownership units at the City’s Partnership Program affordability levels.

Mr. Lappin added, “We intend to provide more affordable housing than is required by the Greenpoint-Williamsburg Rezoning regulations, and we will build it throughout the complex on both the upland and waterfront parcels.”

In addition, the development will create approximately 550 permanent jobs in the retail and commercial sectors, building operations, and more as uses become defined. Construction-related jobs will be created for laborers and specialized trades.

Preserving the Site’s Heritage

The Refinery, the centerpiece of the New Domino, will be preserved with minimal façade alteration. Extensive structural changes to its interior – where massive sugar refinery equipment replaces floors and where structural loads are inadequate for residential or commercial use -- will be required for a successful adaptive reuse. A roof addition is also proposed. The developer will seek an appropriate way to preserve the famous Domino Sugar sign.

“We look forward to working with the Landmarks Preservation Commission and the community on a creative and economically feasible plan for adaptive reuse of the historic structure,” Mr. Lappin said. New uses for the Refinery may include retail shops, residential apartments, and community and cultural facilities.

Open Space and Waterfront Access

A five-block waterfront esplanade will open the river to all, with welcoming streetscapes and a connection to Grand Ferry Park. Attractive view corridors and public connections to the waterfront will be created at all five currently blocked-off streets leading from the community to the waterfront. Mr. Lappin said, “The New Domino is expected to become Williamsburg’s central public gathering place with views of Manhattan and New York Harbor.”

Water taxi service will connect the New Domino to locations in Manhattan and Brooklyn, and shuttle service will be provided from the site to nearby mass transit stations in Williamsburg.

Rafael Viñoly Architects PC designed the New Domino. The architecture firm of Beyer Blinder Belle serves as historical preservation consultants. Landscape design is provided by Quennell Rothschild and Partners, LLP.

Community Participation

CPC is continuing to meet with local leaders, the Community Board and various community groups in the area. Development of the New Domino will proceed under the City’s Uniform Land Use Review Process (ULURP), with public involvement at every step of the process. A formal “Scoping” hearing will take place on July 31, 2007, and the seven-month ULURP process is expected to commence in fall 2007. Construction is expected to commence at the completion of ULURP, in late 2008.

CPC and Williamsburg

CPC has a 30-year history of financing affordable housing throughout New York City. In Brooklyn, CPC has invested more than $1.5 billion, with $200 million of that amount in Williamsburg alone. CPC has built or renovated more than 1,600 low-, moderate- and middle-income apartments in Williamsburg.

CPC and CPC Resources, Inc.

CPC Resources, Inc. (CPCR) is the for-profit development subsidiary of The Community Preservation Corporation (CPC). It shares the same mission of its parent to improve communities and preserve and create affordable housing throughout New York and New Jersey. One of the largest creators of affordable housing in the nation, CPC has financed approximately $6 billion for 140,000 units of housing since its founding in 1974.

Refinery, LLC

Refinery LLC is a partnership between CPC Resources and the Katan Group. The partnership purchased the site three years ago after the long-term owners announced plans to cease operations. CPCR is the managing partner.