The Howard Hughes Corp. has unveiled a transformational plan to revitalize Lower Manhattan's Seaport. The $1.4 billion proposal will bring a mixed-income development and the area's first affordable housing units to the market in decades. The project is located on a full-city block surface parking lot at 250 Water Street in the South Street Seaport Historic District area.

The affordable housing component is essential to Howard Hughes' proposal. In the district, the median household income is $150,000, and 2.5% of housing in the area qualifies as affordable housing. The project totals 360 housing units, and 100 unit are reserved for affordable housing—25% of the total project. These are the first new affordable housing units to the area in decades, and they will be made available to families making 40% of the median area income. The remaining 260 units will be for-sale condominiums.

Architecture firm Skidmore, Owings & Merrill designed the 250 Water Street project. It has a two-tower design with a scaled podium base that will fit into the design of the adjacent buildings in the Historic District to preserve the character of the community.