NEW YORK CITY-World-Wide Group has been chosen to develop a $500-million mixed-use project on the corner of 57 Street and Second Avenue. The project will redevelop two New York City public schools and add 170,000 sf of retail and a 320-unit residential condo to the area. The Education Construction Fund chose World-Wide for the project.

The company will lease the site for 75 years, making lease payments and Payment in Lieu of Tax payments to the ECF. These payments should cover the estimated $130-million school redevelopment without tapping taxpayers dollars.

In the first phase of construction, World-Wide will focus on redeveloping the High School of Art and Design and Public School 59, the two schools currently located on the site. This is expected to begin this January and take three years to complete. The high school will continue to operate in its current location until construction of the new site is complete, according to Lee Silberstein, the PR contact for World-Wide. PS 59 will relocate, to an unknown location, during the development period. At completion, PS 59 will be able to accommodate an additional 400 students, having seats for 730 people. The High School of Art and Design will host 1,400 students.

Phase 2 will focus on the mixed-use component of the project. An estimated 20% of the 320-residential units will be affordable housing. The entire project is projected to finish in 2011, according to Silberstein.

Skidmore, Owings & Merrill LLP will design the new residential condos, retail space and High School of Art and Design; while Ehrenkrantz Eckstut & Kuhn will design PS 59.

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 Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

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.