The Howard Hughes Corporation (HHC) in the US has unveiled a $1.4bn proposal for Lower Manhattan’s Seaport area, including the transformation of an underutilised parking lot into a mixed-income development.
The latest plan will also provide long-term financial stability of the South Street Seaport Museum, along with a design for a new museum building and restoration works to allow the reopening of the museum’s historic buildings.
Designed by architecture and urban design firm Skidmore, Owings & Merrill (SOM), HHC’s comprehensive plan comes after a year of community input that helped shape it.
The 250 Water Street development will generate over $1.8bn in economic impact for the city and state and will create about 2,500 permanent jobs and 2,000 construction jobs.
HHC Board of Directors member Mary Ann Tighe said: “The Howard Hughes Corporation remains firmly committed to the Seaport and New York City for the long-term, with mixed-income housing and a plan to save the Seaport Museum at the heart of our commitment.
“We believe visionary projects like this will help propel the city’s economic recovery.”
250 Water Street will be the centrepiece of the project, which will include the first affordable housing built in Manhattan Community Board 1 through the City’s Mandatory Inclusionary Housing programme.
At least 100 critically needed permanently affordable apartments will be brought to a Community Board district, where just 2.5% of all housing qualifies as affordable and the median household income is more than $150,000.
The project plans to set up approximately 360 overall units, of which 25% will be affordable, along with 260 condominium units.
The proposed plan includes a two-tower design with the highest point of 470ft and modifications to the Peck Slip Play Street, as well as the creation of community-oriented spaces and office space.
The proposal will be presented to the New York City Landmarks Preservation Commission (LPC) in December.
The ULURP process is expected to start next year and, if approved under this timeline, construction will begin in 2022.