July 09, 2015

Brooklynites, rejoice. Trader Joe’s is coming to Williamsburg.

The popular grocery store chain is set to open an 18,000-square-foot store at 206 Kent Avenue, between North 3rd Street and Metropolitan Avenue, having agreed to anchor a new building on the site.

Alliance Private Capital is developing the new 45,000-square-foot building, which will include ground-floor retail and office space on the upper floors. The company purchased the vacant lot at 206 Kent Avenue for $18 million last year, according to Crain’s, and borrowed funds from lenders G4 Capital Partners and Romspen to develop the project.

California-based Trader Joe’s opened its first New York location near Union Square in 2006, which was followed by a Cobble Hill store in 2008. The Williamsburg store won’t be far from Whole Foods’ new location at Bedford Avenue and North 4th Street, which is expected to open next year.

The new Trader Joe’s will look to capitalize on new residential and mixed-use complexes on the south end of the Williamsburg waterfront, including Two Trees Management’s Domino Sugar Factory project and Spitzer Enterprises’ new rental development south of the Williamsburg Bridge. [Crain’s] – Rey Mashayekhi