"Controversial Developer Alloy Development Secures $535M for Downtown Brooklyn's One Third Avenue Project"

Alloy Development and The Vistria Group have successfully secured $535 million in capital for the construction of One Third Avenue, the highly-anticipated second phase of the Alloy Block in Downtown Brooklyn. The 62-story mixed-use tower, designed to be the tallest Passive House building in the world at 730 feet, will feature 583 market-rate and affordable housing units, as well as retail and office space.

This latest development follows in the footsteps of Alloy Development's previous projects in the area, including 505 State Street, which is New York City's first all-electric skyscraper, and 489 State Street, home to the city's first Passive House public schools. Located on the corner of Flatbush Avenue and State Street, the property boasts a prime location in the heart of Downtown Brooklyn, with easy access to transportation and amenities.

Despite its impressive design and prime location, the One Third Avenue project has faced its fair share of controversy. Local community groups have raised concerns about the influx of luxury developments in the area and the potential impact on affordable housing options. However, with the backing of The Vistria Group and the securing of $535 million, Alloy Development seems determined to move forward with the project.

In a statement, Alloy Development's CEO Jared Della Valle expressed his excitement for the project, stating, "We are thrilled to have secured the necessary capital to move forward with One Third Avenue. This project represents a major milestone in our commitment to sustainable development and we are confident it will be a welcome addition to the vibrant Downtown Brooklyn community."

Accurate, fact-checked rewrite of the article.