The rear section of the building will be demolished for a 28-story, 296-unit residential tower at 5-49 46th Ave., according to recently filed Buildings Department permits by SHoP Architects, which is designing the project.
The plans include about 236,230 square feet of residential space and more than 10,400 square feet for ground-floor retail space. There will also be a 24-car garage.
In addition, the development will also include a smaller 14-story residential tower with 48 residential units and more than 4,500 square feet of commercial space in a lot at 45-24 Vernon Blvd. near the paint factory. And developers will demolish a building at 45-28 Vernon Blvd. to build a park that will connect both buildings, according to a published report.
Simon Baron Development purchased the Paragon Paint Factory back in 2013 for about $14.7 million, according to city records. Brent Carrier of CRE Development told the LIC Post that the project will be a joint venture with Simon Baron Development.
The Paragon Paint Factory site is zoned for manufacturing and owners will need to get a variance to build the planned residential and commercial property on the site.