Real-Estate

Davis Companies Plans 45-Story Downtown Brooklyn Tower

Davis Companies CEO Jonathan Davis and 570 Fulton Street (Davis Companies, Google Maps)

The Davis Companies filed plans for a 45-story mixed-use tower in Fort Greene. The building will feature ground-floor retail space, offices up to the 17th floor and 123 apartments above.

The new building at 570 Fulton Street will feature 16 fewer units than a 40-story project previously proposed for the site by Slate Property Group. Still, it will loom large above Fulton Street, which is lined with low-rise buildings despite the Bloomberg administration’s efforts to rezone transit-rich corridors more than a decade ago.

The City Council rezoned the lot at 570 Fulton to allow for such a tall building in March 2019. The process quickly turned contentious, with Community Board 2’s land use committee voting against the proposal. Thanks to the new zoning, the building will have nearly 200,000 square feet.

As part of the rezoning, Slate agreed to make at least 35 of the apartments affordable and to use local union labor. Slate listed the property for sale in November 2019, but told The Real Deal that the new owner would honor the agreements.

Davis acquired the $15 million mortgage from Bank OZK in December 2020, public records show. The firm has invested in 23 million square feet of commercial space and developed 8.5 million square feet, according to its website.

Many required documents remain to be filed, including a certificate of insurance and a final survey, according to DOB NOW. However, Davis has paid $46,000 in filing fees. “The following items below will be submitted at a later date when we are ready for full new building approval, we are only going for early foundation approval,” the firm wrote in the filings.

Neither Slate nor Davis responded to requests for comment.

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