
Project Type: New Building
Project Description: New Building, 8 Stories, 107 Units
Status: Partially finished building skeleton, stalled
UPDATE 8/2010: ECB violation for obstructed exits, building fined 4,000 on August 2nd. Unresolved.
UPDATE 3/15/2010: Contractor has done remedial work to clean and make site safe
Background: “Caton on the Park,” planned since 2004 and designed by architect Karl Fischer, has drawn considerable attention as emblematic of out-of-context development and the stalled construction issue. Community groups considered it to be too large for the local neighborhood, which is generally characterized by one- and two-family homes. The building elicited neighborhood protests and was a factor in the community seeking a contextual rezoning (approved in spring 2009).
From early on, there were numerous complaints about impact to neighboring properties, site safety and after-hours work. Multiple Stop Work Orders were issued – December 2005 because adjacent properties were not protected from the demolition work, September 2006 because the construction was not compliant with approved plans, February 2008 because of further damage to adjacent properties, and April 2008, when debris was ordered to be removed and an a construction fence be repaired or installed. The DOB determined the building was 40% completed.
Cost overruns and market conditions caused financing problems. In June 2008 the lender filed to foreclose on the property, and in August the mezzanine lender filed for bankruptcy. Corus Bank, which made the original mortgage loan, failed and that the debt has been sold to Starwood Capital Group, which has been maintaining the site but not yet indicated its longer-term plans. As of December 2009, the site had 52 active violations, and there was a new set of permits for remedial measures to make the site safe.