Loketch Group, the Joyland Group, and Meral Property Group have formed a joint venture to begin a new mixed-use project at 555 Broadway in Brooklyn. The address represents a large, wedge-shaped assemblage on the border of South Williamsburg and Broadway Triangle.
The site was formerly owned by The Collective, a United Kingdom-based co-living company that announced plans in 2021 to construct mixed-use properties overseas. For 555 Broadway, the company retained ODA Architecture and revealed impressive renderings of a 28-story mixed-use tower with standard rental apartments, short-stay rooms, shared office spaces, lower-level retail, community facilities, and a collection of amenity indoor-outdoor spaces.
Estimated construction costs hovered around $450 million. Those plans, however, were eventually scrapped as a result of pandemic construction slowdowns and diminishing returns on investment.
Today, new designs for the development are murky. According to a statement from SCALE Lending, an affiliate of Slate Property Group, the new project will comprise 330,000 square feet and will include an unspecified number of affordable housing units. SCALE provided a $137 million loan to finance the acquisition and estimated construction costs.
It is unclear when the development is expected to break ground.