NEW YORK, HORSHAM, Pa. and GREENWICH, Conn., June 19, 2012 /PRNewswire/ -- Toll Brothers City Living®, the urban development division of Toll Brothers, Inc. (NYSE: TOL) ( www.TollBrothers.com) and Starwood Capital Group, a leading global private investment firm, on behalf of Starwood Fund IX, today announced that the Brooklyn Bridge Park (BBP) Board of Directors has selected a joint venture between the two companies to develop a luxury, eco-friendly hotel and condominium community adjacent to Pier 1 in Brooklyn Bridge Park. The site will feature a 200-room hotel, which will carry Starwood Capital's 1 Hotel brand, and 159 condominium residences spread over two buildings marketed under the Toll Brothers City Living brand. It will be located immediately south of the DUMBO neighborhood and the Brooklyn Bridge, west of Brooklyn Heights, and adjacent to the Park entrance at Pier 1.
The development will feature unobstructed views of lower Manhattan, the Brooklyn Bridge, New York Harbor, the Statue of Liberty, and the Park. Residents and hotel guests will enjoy easy access to Wall Street, Midtown Manhattan and Brooklyn from the East River Ferry and New York City Subway systems. In addition, the project will offer direct access to the spectacular Brooklyn Bridge Park, an 85-acre waterfront site stretching along Brooklyn's East River edge. The development will total approximately 550,000 square feet, including nearly 16,000 square feet of indoor and outdoor restaurant space, 16,000 square feet of banquet and meeting space, over 2,000 square feet of retail space, a 6,000 square foot spa and fitness center and 300 underground parking spaces. The 10-story hotel and condominium complex and five-story condominium building are being designed by Rogers Marvel Architects. The project, which will feature a stepped facade of stone and metal, green roofs, a variety of walkways to access the park and Furman Street, is projected to achieve LEED Silver Certification.
The development will feature a 1 Hotel, Starwood Capital's four-star, environmentally friendly luxury hotel, which will combine environmentally sustainable architecture and interior design with impeccable service and luxurious comfort. An interior design firm will be selected shortly.