Suzuki Capital and the Suzuki-backed Gothic Development Group have partnered with Calvary Cathedral to develop a residential rental and retail project on the church’s property in the Windsor Terrace area of Brooklyn, Commercial Observer has learned.
The new $126 million, 100,000-square-foot building will be erected on the church’s active parking lot at 72 Caton Place and possibly on top of the adjacent two-story Calvary Cathedral of Praise, at 58 Caton Place, said Suzuki’s Sam Suzuki. At the very least, the church will be integrated into the design by C3D Architecture.
The nine-story 80/20 building will have more apartments than the 126-unit Kestrel in Windsor Terrace across the street, which Sam Boymelgreen recently sold for $76 million, the New York Daily News reported. And many of the the church’s units will have views of Prospect Park.
Mr. Suzuki said his company is interested in such partnerships with Gothic Development, which allow a church to keep possession of its land and generate cash for its programs. He said he previously advised Assemblies of God Church in East Elmhurst, Queens, on its development options.
A state-of-the-art parking facility will be included on the Caton Place site.
“We’re planning to build a structured parking system [for 100 or 150 vehicles], like a robotized parking system,” Mr. Suzuki said. “It’s starting to catch on because you can increase your parking density with it.”
The Board of Calvary’s chairman, Marcus Roberts, said in prepared remarks that he and the church are “excited to commence with this joint effort and, in particular, to bring more affordable housing as well as badly needed retail to this historically significant section of the city.”