The project is being sponsored by the ECF, an arm of theDepartment of Education that works to ease school overcrowding. TheWorld-Wide Group recently executed a long-term lease of the projectsite with ECF. The developer's payments under the lease to ECF willcover the expenses of building the new school with no cost to thetaxpayers. Anderson Kill & Olick PC represented the Fund in thetransaction, negotiating the lease and development agreements.
In June 2006, the Fund revealed that it had designated locallybased World Wide Group to be the developer for the redevelopmenthere, which currently houses the High School for Art and Design.The project will include a new high school designed by SkidmoreOwings & Merrill. The project will also include a newelementary school, approximately 200,000 sf of retail space, and a488,000-sf, 300-unit residential tower containing affordable andmarket-rate housing. In 2006, plans were to begin construction inlate 2008. James Cullen, head of Anderson Kill's real estate andconstruction practice, tells GlobeSt.com that they hope to startconstruction by September.
As GlobeSt.com previously reported, the mixed-use project isexpected to cost $500 million, andCullen tells GlobeSt.com that that number is very much "in theballpark". The High School for Art and Design will gain 40% morespace than it has at present, incorporating an art gallery todisplay students' work and significant upgrades to its studios andlabs, according to a prepared statement.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
