328 Grand Street Project Site Reactivated; Plans Change from Hotel to Residential

Posted on: March 10th, 2014 at 6:00 am by

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328 Grand St. is reactivated

In the shadow of its neighbor until recently, 328 Grand Street is now ready for the limelight. Both properties were key symbols of the industry gone bad during the economic downturn of 2009. The low-rise buildings comprising this strip of retail were swiftly knocked down, but just as quickly caught in a state of arrested development. No more.

As the mixed-use development of 324 Grand continues to reach ever skyward, the mostly-demolished number 328 is itself reactivated and ready for love. Developers flipped the switch a couple weeks ago, with the arrival of work crews and a new curbside dumpster for debris.

Current owner Henry Lam purchased the vacant one-story building in 2006 for $3.19 million. At the time, permits were filed with the intention to construct a seven-story hotel with ten keys. But then, nothing happened. Save for the dismantling and short-lived listing on the open market, radio silence dominated the ensuing years.

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Behind the boards at 328 Grand St.

Back in January, though, the DOB reopened the book and approved the slightly updated plans for the replacement building. Despite the existence of a three-year-old partial stop-work order on the property.

This newly-proposed structure will rise six stories (68 feet), and essentially double the floor area to 6,711 square-feet. Much of that is relegated to residential use; seven units are planned, presumably indicating that each floor will carry one apartment. Ritzy.

The final product will look like this. Back from the brink.

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