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September 19, 2013

New York unveils plans for $1.1bn Seward Park mixed-use development

The New York City government in the US has unveiled plans of the $1.1bn Seward Park mixed-use development on Manhattan’s Lower East Side.

By admin-demo

Essex Crossing

The New York City government in the US has unveiled plans for the $1.1bn Seward Park mixed-use development on Manhattan’s Lower East Side.

Under the project, nine sites situated near the intersection of Essex Street and Delancey Street will be transformed into a 1.65-million-square-foot development featuring 1,000 units of housing.

The project, to be known as Essex Crossing, will feature a 15,000ft² open space, a new and expanded Essex Street Market and a dual-generation school operated by the Educational Alliance.

The project will also feature a community centre run by Grand Street Settlement, a rooftop urban farm, the Andy Warhol Museum, 250,000ft² of office space and retail space.

The Essex Street Market will relocate across Delancey Street, doubling in size to about 30,000ft² on the ground floor with a mezzanine of around 7,000ft².

The new market, which is expected to open in 2018, will house all the existing market vendors at the time of the move and provide room for new vendors in a range of sizes.

Groundbreaking on the project is expected in early 2015 and the first five buildings to the south of Delancey are due to be completed by mid-2018.

The next two buildings to the south of Delancey and north of Rivington Street on Essex Street, including the majority of the remaining housing, are expected to be completed by summer 2021.

The final two buildings on the remaining lands north of Delancey Street are planned to be completed by 2022 and 2024.

Delancey Street Associates, a joint venture comprised of L+M Development Partners, BFC Partners, and Taconic Investment Partners will invest $1.1bn in the project.

New York mayor Michael Bloomberg said, "For decades, these lots have sat vacant and under-used – despite repeated attempts by various mayors to redevelop sites. Now that wait is finally over."


Image: A rendering of Essex Crossing development at the long-vacant Seward park Urban Renewal Area on the Lower East Side. Photo: Courtesy of MikeBloomberg.com.

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