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The Two Trees Template

wo Trees meticulously crafted Brooklyns vibrant Dumbo neighborhood by personally selecting dozens of retailers and building scores of luxury apartments and more than 2 million square feet of office spaceall without the help of national brands. We eschew the larger, national chains in favor of smaller, independent, neighborhood retail, said Dave Lombino, director of special projects at the firm. Two Trees intends to implement the same independent-minded strategy at the SHoP Architects-designed, 11-acre Domino Sugar Factory site in Williamsburg by carefully selecting hip retail tenants and mixeduses meant to bolster a vibrant, 24-hour community. Were building assets and willing to make decisions that sacrifice returns today in exchange for generating value over time, he said. Below is a step-by-step guide to recreating the Dumbo aesthetic and philosophy, be it in Williamsburg or elsewhere.
Expect a mix of restaurants, bars, galleries, artisanal shops and music wherever Two Trees develops, but dont expect big banks or national chains. A lot of the banks are willing to pay the most money, said Mr. Lombino. But independent businesses grow and gain popularity, and you share in that growth. Two Trees offers exible leases and, in some cases, free rent, in order to lure the hippest tenants. In 2001, retail tenants signing 10-year leases in Dumbo got up to 18 months of free rent, including Jacques Torres Chocolate, which operates at 66 Water Street to this day. In 2011, cheap incubator space with six months free rent came online with support from the city. Virtually all our office portfolio is occupied by creative tenants, Mr. Lombino said. The whole neighborhood is kind of like one big incubator.

Art plays an integral role in the Two Trees aesthetic, and street art, murals and the Dumbo Arts Festival all continue to draw tenants and shoppers to Dumbo. This year, Two Trees, the Dumbo Improvement District, the Department of Transportation and the Jonathan LeVine Gallery announced Dumbo Walls, a series of eight outdoor murals packed within a four-block stretch of the neighborhood. Last year, meanwhile, artist David Ellis transformed the Pearl Street Triangle into a multicolored mural.

Earlier this year, a Dumbo food truck lot debuted, with favorites like Bian Dang, Domo Taco, Hibachi Heaven and Fishing Shrimp among the rst to roll in, all of which helped to reinforce the neighborhoods youthful disposition and vibrant young tenant base. Frequent visitors have included Korilla BBQ, Snap Truck, Kimchi Taco and Morris Grilled Cheese. Tech company Datalot reportedly even set up a live webcam from the ledge of its thirdstory window at 65 Jay Street for a quick look at the lines.

Two Trees commitment to building 660 units of affordable housing (out of the 2,200 proposed) and nearly seven acres of open space at the Domino site could smooth the upcoming public review following City Plannings certication of Two Trees plans early this month. The company actually built the rst 80/20 building in Brooklyn, and that commitment stretches across its portfolio.

Parks, open space and world-class design are crucial to success wherever Two Trees aims its shovels. Based on Dumbos proximity to Brooklyn Bridge Park, we are keenly aware of the value that open space contributes to a community, said Mr. Lombino. Domino will feature more than ve acres of waterfront park space, featuring an artifact walk, made up of historical artifacts from the original domino factory, like giant syrup tanks, and a historical narrative describing the plants sugar rening history.

34|DECEMBER 10, 2013|COMMERCIAL OBSERVER

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