Preservationists often use landmarking as a way to protect buildings from demolition or intrusive development, but here’s a case of a developer pushing for landmark status as a way to kick-start his own construction plans.
According to Crain’s, that’s what David Dubin wants to do with his stalled Lofts at Bridgeport Place project, planned for the old Spiegel building at 1038 W 35th St. Dubin hopes landmark status granted by the City Council “will boost the project’s visibility and improve his chances of landing construction financing,” the article says. He must feel pretty confident about his chances, because his website already describes the Lofts as a “HISTORIC LANDMARK DEVELOPMENT!” Either way, something needs to happen, because his $6.4 million mortgage has just come due.
Dubin originally planned to convert the 250,000 square-foot building into 158 industrial lofts. By March 2009, those plans had changed to 190 residential units including live / work spaces for artists, as well as retail and 220 parking spaces. Dubin is leaning toward renting out the new homes, but hasn’t ruled out selling them as condos, Crain’s says.