Last year, the Brooklyn Bridge Park Corporation shared proposals of the hotel and residential development planned for Pier 1. Now, it's believed that two of the seven initial teams will be picked.

According to Crain's, sources say that Toll Brothers and Starwood Capital Group get the go-ahead. Both were on the shortlist of finalists (the third was The Dermot Company). The Times reports that Toll Brothers and Starwood "combined elements of their plans late in the process," and there will be a "200-room hotel and 160 condominium units. In addition, there will be 32,000 square feet of restaurant and banquet space, as well as a 6,000-square-foot spa. Three more apartment buildings, one at John Street and two next to Pier 6, are also planned for the park." All the buildings will have to comply with the height restrictions: "The hotel building and a connecting residential building cannot exceed 100 feet in height, and a separate residential building cannot be more than 55 feet tall."

Still, the Brooklyn Bridge Park Corporation is reportedly still in talks with all three teams. The announcement is supposed to be made on Tuesday.