NEW YORK CITY-After intense competition, a development group comprised of the Sheldrake Organization, Plaza Construction Corp. and RW Consultants Inc. was selected to construct a 537,400-sf “green” residential tower on the last remaining waterfront site in Battery Park City. This marks the fifth site in the Lower Manhattan neighborhood developed under the Hugh L. Carey Battery Park City Authority’s “green” development guidelines. The 30-story complex is expected to have more than 300 units and be privately financed to the tune of $250 million.

The not-yet-named building, which is scheduled for a spring 2005 groundbreaking and completion sometime the following year, is slated for Site 16/17–the largest remaining residential site in Battery Park City. It is located on the Hudson River, bordered on the north by Murray Street, the east by North End Avenue, the south by Vesey Street and on the west by River Terrace.

The building will feature oversized units, including many three- and four-bedroom apartments, upper-floor duplexes, nature-interior finishes and unique floor layouts. The building will also include a courtyard which will serve as a continuation of the nearly completed Teardrop Park. This is the first project of this kind for Sheldrake, what they’re calling “a real breakout deal for them in the New York City market.”

In regards to the “green” aspect, the developers’ goal is to achieve what is known as Gold Leed status. Just a few of the anticipated “green” amenities will be rain, black and gray water collection and treatment systems, enecrete heat source, rooftop and courtyard plantings, bamboo flooring in residential units and a possible rooftop turbine windmill.

According to Sheldrake, the apartment interiors will be finished by Ismael Leyva architects, which was recently involved in the design of the Time Warner Center at Columbus Circle. Other projects include luxury apartments in the Chatham and Park Imperial Buildings as well as the Millennium Towers in Jersey City.

“We received a record number of proposals from some of the nation’s most prominent developers,” says Timothy S. Carey, president and CEO of the Hugh L. Carey Battery Park City Authority. The authority issued an RFP earlier this year and had a dozen responses before selecting a winning team. “The wide appeal for this innovative project is further evidence of both the resilience of the New York real estate market, and the attractiveness of building in Battery Park City.”

The Battery Park City Authority is a public benefit corporation created by the New York State Legislature in 1968 to develop a 92-acre site at the southwestern tip of Lower Manhattan.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.