Since 2014, the property owners Two Bridges Neighborhood Council and Settlement Housing Fund have been in talks with an unknown developer over the 11,800-square-foot development site at 235-247 Cherry Street, on the southern edge of the Lower East Side. Now, it has been revealed that JDS Development Group is planning to build a 77-story, roughly 600-unit mixed-use building, The Lo-Down reports. The rental apartments should come in studio, one-, and two-bedroom configurations, with roughly 150 of the units permanently renting at below-market rates. There would also be 10,000 square feet of retail and a 4,600-square-foot senior community center in the tower. SHoP Architects will design the 900-foot-tall tower, which will be clad in terra-cotta and glass.
The tower has shaped an agreement between the two property owners and JDS, which could possibly resolve, outside of court, ongoing legal issues between the two property owners. The developer will acquire around 500,000 square feet of air rights from the owners for $51 million, and will substantially renovate the existing 10-story Hamilton Madison House, a senior residential building, at 80 Rutgers Slip. Construction isn’t expected to begin until at least 2018. The site’s single-story building must first be demolished, but there are two tenants that currently have leases in the property. Until then, JDS will seek approval from the Department of City Planning for minor changes to zoning and will pursue tax incentives for the project.
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