Developer Jeffrey Gershon and partner AEW Capital Management are planning a $90 million condominium project on the site of a former Walgreens in Boerum Hill,The Real Deal has learned.
The new 115,000-square-foot property at 520-528 Atlantic Avenue, also known as 505 Pacific Street, would rise six stories and have two below-grade floors, according to sources familiar with the project. Plans call for 60,000 square feet of residential space holding 30 apartments, 30,000 square feet of retail across two floors, and a parking garage.
The developers have yet to file plans with the city, but have hired Beyer Blinder Belle to serve as architect. Demolition of the one-story Walgreens building is expected to occur by late summer, sources said. The site offers 72,000 buildable square feet above ground, but the developers aim to expand that through excavation.