The Watchtower buildings, the largely vacant former headquarters of the Jehovah’s Witnesses in Brooklyn, would be converted into hundreds of residential apartments under a proposed rezoning of the waterfront property, Gothamist reported. The proposal by developer CIM Group, still in its early stages, would convert the office buildings to 661 residential units, including 165 affordable units.
The sprawling complex includes five buildings, located at 25 and 30-58 Columbia Heights in Brooklyn Heights. The properties served as headquarters of the Jehovah’s Witnesses until a decade ago.
David Wellspring, CIM Group’s VP of development, told Gothamist that the company sought to turn the site from “largely vacant former industrial buildings into a thoughtful mixed-use residential community, including much-needed permanently affordable housing” near the Brooklyn waterfront.
“We have been actively engaging local stakeholders and look forward to continuing that dialogue to deliver meaningful housing and economic benefits for the community,” Wellspring said.
Ontario Finance Minister Peter Bethlenfalvy told the legislature Thursday that the province’s response to economic uncertainty is to “build, and to build together.” But the Fall Economic Statement he delivered forecasts considerably less building than the government expected just six months ago. Ontario now projects 65,100 housing starts in 2027, down from 70,300 in its...
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Five major Canadian banks are financing a 917-unit rental development in Etobicoke, where construction is now underway on a site previously planned for condominiums. CBRE Capital arranged the conventional, uninsured construction financing for EllisDon Developments and Windsor Private Capital’s two-tower project at 80–90 Fieldway Rd., near Kipling station. The LiUNA Pension Fund is also an...
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Peakhill Capital has launched a $750-million construction lending program for rental housing developments across Canada, with $450 million in loans already closed under the new platform this year. The Toronto-based lender announced Thursday that its Everest program, backed by an initial institutional commitment, will provide CMHC-insured construction loans ranging from $4 million to $200 million....
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