Brooklyn's Domino Redevelopment Project Turns Sour
It appears as though the Community Preservation Corporation collapse has claimed another victim, and this time it's a large one. The wildly ambitious plan, designed by Rafael Vinoly, to redevelop the 11.2-acre site of the historic Domino Sugar refinery in the Williamsburg section of Brooklyn as a mix of 2,200 residential units, retail, office and open space is facing yet another obstacle as the project's development partners enter legal action.
According to Heintz, "The project's lead, Community Preservation Corporation Resources (CPCR), has lost a top-level leader, defaulted on major loans, and now is being accused of betrayal by a former partner: The Katan Group, CPCR's development collaborator at Domino, has filed a lawsuit amid reports that CPCR was looking to sell part or all of the 11-acre property without Katan's knowledge."
While the prospects for the project had already dimmed due to the real estate market collapse, this new development may signal a fatal blow. As Heintz reports, "Katan Group is now suing CPCR, stating in a March 5 court filing that the lead developer 'has effectively depleted all of the refinery's available capital, while virtually no construction work has been performed.'"