Thursday, January 29, 2009

City Secures Rest of Willoughby Square Park Properties

Brownstoner covers the City acquisitions to create Willoughby Square:

It looks like we were on to something when we reported the city's acquisition of two properties in the Willoughby Square Park footprint earlier this month. Now the rest of the pieces of the puzzle have fallen into place: Public records show that the city has taken title to nine properties through the process of eminent domain. The properties include 392, 402, 404, 406, 416, and 418 Albee Square as well as 223, 225 and 229 Duffield Street. Based on our understanding of how the eminent domain process works, the owners will not receive full compensation from the city until appraisals are completed. A few of these buildings still have some rent-controlled tenants in them who are being relocated by HPD. As for the city's plans for the project, the RFP process for both the landscape design of the 1.25-acre park and the development of the 700-car underground parking garage have been completed but the contracts have not been awarded or announced yet.