The former Carustar site located at 111 Hull Street has a new owner. Listed by CB Richard Ellis, the 1.89-acre site could be developed with 80+ dwelling units, plus retail and office uses. The flood wall presents development challenges, most notably it would obstruct views for several floors. Because the RF-1 district limits building height to six stories, the maximum number of stories above the floodwall is three. The open space requirements limit the building envelope to 20,582 square feet, indicating 61,476 potential above the floodwall. The three stories below the floodwall presumably would be structured parking, and would no doubt be excessive. Development of this site also requires substantial demolition costs–45,161 square feet of industrial structures.
Of course all of this is speculative. Fountainhead is a juggernaut in the area, and probably has more creative plans for the site.
Filed under: Development
