Last week, the City Council approved plans for Atlas Capital Group and Westbrook Partners to acquire $100 million worth of air rights from Pier 40, overseen by the Hudson River Park Trust, to develop a 1,586-unit mixed-use complex at 550 Washington Street, in Hudson Square. The project is set to include five towers, the New York Times reported, although their height was not disclosed. Thirty percent of the units, or 475 apartments, will rent at below-market rates through the housing lottery. One of the residential towers will be geared towards “older tenants.” There would also be retail space and a 15,000-square-foot recreation center.
550 Washington Street
Back in October, YIMBY brought you schematics of the proposed redevelopment options of 550 Washington Street, in Hudson Square, and now The Villager has renderings of the ULURP plans, which would include 1,596 residential units; 255,000 square feet of retail; and a 353-key hotel. The residential units would be spread across 1,334,100 square feet of space, and 500 of the units will go towards affordable and supportive housing. The project would also include elevated park space. COOKFOX Architects is behind the design. Westbrook Partners and Atlas Capital Group are developing.
Yesterday, the New York Times reported that 550 Washington Street would soon traverse ULURP as its owners, Westbrook Partners and Atlas Capital Group, want to redevelop the existing building in exchange for air rights from the failing Pier 40, which would also be saved. And now YIMBY has the first look at massing diagrams of the proposed plans, which reflect both the as-of-right redevelopment option, as well as what the site would look like if the ULURP application is approved.
In May of 2014, YIMBY brought you renderings of TEN Arquitectos’ conceptual plans for the St. Johns Terminal building at 550 Washington Street, in Hudson Square. At the time, multiple owners complicated the redevelopment of the 1.1-million square-foot structure, which has 280,000 square feet of air rights, but now Westbrook Partners has bought out Fortress Investment Group’s ownership stake for more than $200 million, according to Crain’s. Atlas Capital Group, who tried to acquire additional air rights from Pier 40 last year, will retain their minority stake. Plans include a new residential tower, which may be built ground-up or as a conversion/expansion, but city approval is required before construction can begin.
550 Washington Street [DNAinfo New York]: Developer Atlas Capital Group proposed plans “to buy 250,000 square feet of air rights from Pier 40 for $100 million” and to vertically expand the four-story St. John’s Terminal building, located at 550…