You may well choose to believe it when you see it, but the word is that Metropolitan Development has finally pulled together the financing it needs to demolish the old Kelsey Gardens apartment complex on 7th Street and begin work on Addison Square, starting in the third quarter of next year—putting them only a year and a half behind schedule. The buildings won’t be razed until then because of liability issues, but security lighting is expected to be installed any day now.
I haven’t yet pinned down the nature of their financial breakthrough—earlier this year, they had been looking for a private partner (the listing has disappeared from Ideal Realty’s site). Last we checked in, Metropolitan Development was trying its luck with the federal Department of Housing and Urban Development instead, helped with an updated tax abatement that went into effect this month and will expire next July.
More details as they emerge.