Howard Hughes has announced plans to develop the New York Seaport area for $1.4 billion. The project is located at 250 Water Street in Lower Manhattan. The company intends to transform the underutilised parking space located along the boundary of the South Street Seaport Historic District into a mixed-income development.
The project is part of the larger Seaport vision. It will also involve the construction of affordable housing in Manhattan Community Board 1. The development is part of New York City’s Mandatory Inclusionary Housing programme.
Under the housing program, the city intends to construct around 100 critically needed permanently affordable apartments targeting families that earn 40% of Area Median Income.
According to the developer, the project is expected to create around 360 units with 25% being affordable together with around 260 condominium units. The project was designed by Skidmore, Owings & Merrill (SOM), a global urban planning, architectural, and engineering company.
In a statement, Howard Hughes said it will commence a process of public review to put up the residential building. The development is expected to unlock the long-term financial stability of the South Street Seaport Museum, design a new Museum building on an adjacent vacant lot, and improve the historical buildings of the museum. Other proposals include the improvement of the Peck Slip Play Street, which is used by Seaport families, community-oriented spaces which is also used as an office space. The facility is also used by neigbouring Peck Slip School.
The company says the 250 Water Street development will inject more than $1.8 billion in the economy and cumulatively construct more than 2,500 permanent jobs. In addition, the project is projected to create around 2,000 construction jobs.
Before construction can commence, the developer is seeking several government approvals including approval for the designs of the new Museum Building and the 250 Water Street Building from the New York City Landmarks Preservation Commission (LPC).