220  Riverside

Mixed Use Development

 

Owner:  MAA Communities

Develper:  Nai Hallmark Partners / Bristol Development

Cost:  $39,500,000

Completion:  2016

 

Studio9 Architecture and Hallmark Partners recently broke ground on 220 Riverside, a mixed-use development in the city’s historic Brooklyn neighborhood. The 220 Riverside project will feature a 294-unit, seven-story multifamily rental housing development, a 386-space parking garage and 18,000 square feet of retail space, all centered around a community park.

 

The 220 Riverside project represents a $39.5 million investment into property that has long been vacant. It will spur economic growth in this distressed area and serve as a catalyst for future redevelopment. Additionally, the 220 Riverside project will serve as an important point of connection as the revitalization of historic Brooklyn will expand the housing and entertainment venues of Riverside and Avondale into the downtown core.

 

In addition to increasing housing and retail space in downtown, 220 Riverside will feature an adjacent urban park that will operate under a unique public-private partnership. Part of Hallmark Partners’ rental proceeds from the retail portion of the development will fund ongoing park maintenance and operational expenses. The park will be operated, managed and owned by a nonprofit created by Hallmark Partners. Approximately the size of a football field and able to accommodate more than 1,000 people, the park will support more than 250 days of programming and special events throughout the year.