Posted Apr 27, 2016, 7:55 PM
|
|
NYC/NJ/Miami-Dade
|
|
Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 46,993
|
|
NEW YORK | 247 Cherry Street | 900 FT | 77 FLOORS
So.... people, back on topic: whats actually important in this thread!!!
JDS Unveils Plans For a Gigantic 77-Story Lower East Side Tower
Quote:
Extell’s 80-story luxury condo project in the Two Bridges area is getting some high profile company. The JDS Development Group and SHoP Architects today are announcing plans for a 77-story mixed-use tower at 247 Cherry St. The site is next door to Extell’s One Manhattan Square.
The new residential and retail complex will be built on property currently owned by the Two Bridges Neighborhood Council and Settlement Housing Fund. The Lo-Down was briefed on the proposal yesterday by JDS CEO Michael Stern; Gregg Pasquarelli, a founding partner of SHoP; Alexa Sewell, president of Settlement Housing; and Two Bridges President Victor Papa.
During the briefing, held at Stern’s office near Union Square, the developers offered a first look at plans to be unveiled at two meetings scheduled later today for residents of nearby buildings. They’re envisioning about 600 rental apartments in the dramatic tower, approximately 150 of which will be set aside as permanently affordable units (25% of the total).
Back in 2012, Little Cherry Development, LLC agreed to purchase a parcel, known as 235-247 Cherry St., from Two Bridges Neighborhood Council and Settlement Housing Fund. A one-story building on the site was once home to the Pathmark Pharmacy. But the $4 million deal fell apart, and Little Cherry sued the not-for-profit groups for alleged breach of contract. That lawsuit has not yet been resolved.
The property owners now say they’ve come up with a solution that isn’t dependent on the courts. JDS and SHoP have agreed to purchase around 500,000 square feet of development rights from the organizations for $51 million. The project is being accomplished by demolishing a small community center on Cherry Street, nestling the 900-foot tower alongside an existing senior housing building and cantilevering a portion of the new construction over the old pharmacy property. The footprint for the tower will be about 9,000 square feet.
“We’ve been talking to Settlement Housing and Two Bridges for quite some time,” said Stern, about figuring out a way to unlock their unused development rights and “to create some new affordable housing… We were able to come up with a very innovative plan with SHoP Architects to achieve that.”
In recent years, JDS Development has become one of New York City’s biggest players. Stern’s company is building the American Copper Buildings on the East River waterfront, at 35th Street, featuring 761 rental apartments. Also in the pipeline are a luxury condo tower measuring 1427 feet on West 57th Street and a 73-story residential project in Downtown Brooklyn. JDS has worked with SHoP on all of these projects.
While the design isn’t quite finished, Pasquarelli said it will feature a terracotta brick and glass exterior. “There is a real dedication by the development team to doing a high-quality facade.” he explained. There will be some outdoor terrace spaces in the middle of the building and a top floor amenity space will be set aside for use by all building residents. On both Cherry Street and Rutgers Slip, there will be room for ground floor retail. SCAPE Landscape Architecture has been hired to develop a publicly accessible plaza area surrounding the new building, as well as other green spaces.
Little Cherry and Extell Development currently hold long-term leases in the single-story building. When those leases are up, the old structure will be demolished and more retail will be created on the west side of the new tower. Ultimately, 10,000 square feet of commercial space is planned, although there will be only 3,500 square feet in the first phase of construction.
The rentals will include a mix of studio, 1-bedroom and 2-bedroom apartments. Unlike the neighboring Extell project, which includes a separate affordable building, the affordable units in the new tower will be dispersed throughout the project. In other words, there will be no “poor door.”
“We think it is the better model of affordable housing,” said Stern.
|
==========================
http://www.thelodownny.com/leslog/20...es-tower.html#
|