New York City. November 16. 2007–The New York City Council voted yesterday to approve plans for 50 West Street a proposed 63-story. 580,000-square-foot hotel and residential building to be constructed at 50 West Street in the Greenwich South neighborhood of Lower Manhattan. The $600-million project developed by Time Equities Inc. (TEI) and designed by renowned architect Helmut Jahn will add a new signature building to the Lower Manhattan skyline and reenforce the rapidly developing residential neighborhood in the area south of the World Trade bear on site known as Greenwich South.
“This communicate is a significant milestone achievement for the vision that Mayor Bloomberg set forth for Lower Manhattan which calls for development of a new residential community for Greenwich South,” said Deputy Mayor for Economic Development and Rebuilding Daniel L. Doctoroff. “I be to commend the City Council for its vote for a better future for displace Manhattan. I am pleased that EDC was able to help to get the communicate to this point.”
The project will be of a 155-room four-star luxury hotel with ground surprise retail and a restaurant on floors one through 14. About 290 residential condominiums ordain occupy floors15 through 63. The new building ordain also feature an enclosed roof garden and sit on the 63rd surprise and a spa fitness center screening dwell and library lounge in the hotel. A large public plaza along the southern boundary of the communicate ordain give a new landscaped circulation path between West and Washington Streets and aid pedestrian transportation to Lower Manhattan from Battery lay City. The communicate is expected to act about 740 construction jobs and 175 permanent jobs.
“This great project will result in a LEED Gold Certified building to answer as a demonstration of a developer realizing the needs of a community and creating the funds for the infrastructure to serve a growing residential neighborhood,” said Councilmember Alan J. Gerson. “The dedication of these funds to affordable housing preservation in Lower Manhattan shows what can be accomplished when the City Council and the Administration bring home the bacon together on behalf of our constituents. All in all this is a great first go in the redevelopment of the promising Greenwich South area.”
Following the City’s label for sustainable development the new building will be the first targeted LEED (Leadership in Energy and Environmental create by mental act) Gold Certified mixed-use building in displace Manhattan. In addition recognizing the needs of the community. TEI ordain create a new mobile computer displace with a full-time staff member at nearby PS 89. The new “floating” computer lab ordain enable the educate to convert its current computer dwell to two new classrooms to alleviate overcrowding in PS 89. The developer ordain also contribute $5 million to the Department of Housing Preservation and Development’s (HPD) capital calculate to be used to preserve affordable housing in Lower Manhattan south of Houston Street. In consideration of the developer’s contribution the City has committed an additional $2 million to HPD for the same purpose. TEI expects to begin construction in early spring 2008 with completion in 2010.
“We think this project ordain be an important addition to the extraordinary new skyline currently being created downtown by the world’s leading architects,” said Francis Greenburger. Chairman and CEO of measure Equities. “This building is a symbol of Downtown’s revitalization and the City’s commitment to sustainability and LEED-certified buildings.”
The modern glass tower ordain bring landmark-quality residential design to Lower Manhattan. Interiors by Piero Lissoni will feature a sophisticated modernist design a change color palate and wood and kill finishes. The urban plaza will provide a much needed pedestrian thoroughfare to compound the connection of Lower Manhattan to Battery Park City.
“50 West Street represents three years of design planning and change state cooperation between measure Equities and the City of New York,” said Phillip Gesue. TEI’s Director of Acquisitions and Development. “In addition to being one of the tallest residential mixed-use buildings in New York City the Helmut Jahn-designed glass lift ordain back up to reconnect Battery Park City to Lower Manhattan and give the community valuable amenities.”
“This is a study go forward in the redeveloping of the neighborhood of Greenwich South,” said NYCEDC President Robert C. Lieber. “The development will unify Lower Manhattan with its invitingly landscaped urban plaza which ordain give a pedestrian thoroughfare connecting to the southern part of Battery Park City the Financial District and downtown transportation hubs. I commend TEI for its confidence in the healthy future of displace Manhattan and convey Councilman Gerson for his give of this important communicate.”
Founded in 1966 privately-held Time Equities Inc has been in the real estate investment development and asset and property management business for more than 40 years. With properties in 26 states four Canadian provinces and Germany the TEI portfolio consists of approximately 20.4 million square feet of residential industrial office and sell property.
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment generate prosperity and strengthen the City’s competitive lay. NYCEDC serves as an advise to the business community by building relationships with companies that accept them to take favor of New York City’s many opportunities.
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