Caton Flats, a mixed-use development that will bring 256 affordable units to Flatbush, has just secured $60 million in funding, announced the project's developer BRP Companies.
The 14-story mixed-use development is part of the revitalization of the Flatbush Caton Market that received approval from the New York City Council in 2017. Founded in 2001 with the support of former Council Member Dr. Una Clarke, the Flatbush Caton Market has been home to many small businesses and micro-entrepreneurs, and has served as a vital cornerstone of the local Caribbean community.
The new development will also include 13,000 square feet of retail space, 75 below-grade parking spaces and 12,500 square feet of community space. Additionally, a commercial kitchen will serve as an incubator space to support the long-term growth and vitality of dozens of local vendors and entrepreneurs.
Caton Flats' residential units will be 100 percent affordable, with 22 percent available for low-income residents, 30 percent set aside for moderate-income residents and 48 percent reserved for middle-income residents. The site is conveniently located at the intersection of Caton and Flatbush Avenues, with easy access to six subway and various bus lines, and just three blocks away from Prospect Park.
"In addition to providing the neighborhood with much-needed housing, Caton Flats will also serve as a center of commerce, entrepreneurship and culture for Flatbush and the surrounding community," said Andy Cohen, director of development for BRP Companies.
The project was the result of extensive discussions with local elected officials and community stakeholders, who identified the community's desire to bring new affordable housing and jobs to the area while protecting the current market vendors and providing them with expanded support to help them grow. Construction began last month, according to BRP Companies' website and is expected to be complete in 2021.