Bed-Stuy's 2,035-Unit Mega-Project: Why L+M's Fulton Park Redevelopment Is the Largest Brooklyn Development Story of the Cycle

In January 2026, L+M Development Partners and SMJ Development, in partnership with NYC HPD, filed a rezoning application for one of the largest mixed-use developments planned for Brooklyn in years — a nearly 2 million SF, 12-building project at 1754 Fulton Street and 53 Utica Avenue on the southeastern edge of Bedford-Stuyvesant.

The project would deliver 2,035 residential units, replacing 38 existing low-rise buildings containing 209 Section 8 apartments (which will be rebuilt first as part of the phased plan to preserve tenancies). Between 337 and 505 units would be affordable via Mandatory Inclusionary Housing, with the 209 Section 8 apartments reconstructed at identical rents. An additional 21,000 SF of commercial space, 33,000 SF of community facilities, and 97,000 SF of new open space — including a 9,500 SF public plaza at Herkimer Street and Hunterfly Place — complete the program.

L+M acquired the site in 2023 via a $28 million, 99-year ground lease. The project now enters ULURP, the city's formal land-use review process, following an online public scoping meeting in February 2026.

What makes the project important beyond its size: the site sits near — but not within — the Atlantic Avenue corridor the city rezoned in May 2025 to allow roughly 4,600 new homes across portions of Bed-Stuy and Crown Heights. That rezoning set the regulatory precedent. This project tests whether the ULURP framework can deliver the scale of product Brooklyn's housing crisis now requires — and whether developer-HPD partnerships can deliver mixed-income outcomes without the community friction that has derailed other Brooklyn mega-projects.

Also this year: Restoration Plaza's Restoration Innovation Campus, designed by Sir David Adjaye, is moving toward construction as an 840,000 SF office, education, cultural, and commercial project — part of a pattern of institutional investment in Central Brooklyn that would have been hard to imagine five years ago. At 1150 Broadway, permits were filed for an 11-story mixed-use building with 99 residences. At 1101-1123 Myrtle Avenue, residential developer Secured Management paid $35.5 million for three retail parcels, signaling the continued conversion of the corridor's single-story retail footprint into density.