NEW YORK CITY-New York City Economic Development Corp. has selected the development team of the Dermot Co. and the Poulakakos family to develop the historic Battery Maritime Building located next to the Whitehall Ferry Terminal. The approximately $110-million project began in 2001 thanks to a $58-million investment by the EDC.

The project will feature a specialty foods marketplace and education center, a boutique hotel, and roof top restaurant and bar. Under the terms of the agreement, the developer will lease the property for 49 years, with five 10-year renewals. The project will create approximately 560 construction jobs and more than 150 permanent jobs and result in over $75 million in revenue for the City over 30 years, according to a statement by the NYCEDC.

“The proposal by The Dermot Co. and Poulakakos family provides an excellent project for this unique building,” says NYCEDC president Robert Lieber. “It will preserve the historic features of the building, bring the grandeur of the second floor Great Hall back into the public domain and create a wonderful waterfront destination for all New Yorkers and visitors to enjoy.”

The restored Great Hall Lieber mentioned will be open to the public and is envisioned to become one of New York City’s great public spaces, according to the NYCEDC. During the day, it will be enlivened by a specialty foods marketplace and education center, which will be dedicated to furthering the development of locally-based specialty foods businesses. At night, the Great Hall will be available on a limited basis as an event space.

In addition to The Dermot Co. and the Poulakakos family, the development team consists of Rogers Marvel Architects, Jones Lang LaSalle Hotels and Market Ventures Inc. Plans for project were developed in the late 1990s, when the building’s cast-iron facade was held together by layers of green paint over crusts of rust.

“Our team is proud to have the opportunity to bring this one-of-a-kind property back to active use,” says Stephen Benjamin, vice president of development for The Dermot Co. “We believe that the future of Lower Manhattan is very bright and Dermot is excited about working with local stakeholders and NYCEDC to move this exciting project forward.”

The Battery Maritime Building is the gateway to Governors Island. Governors Island Preservation and Education Corporation currently uses Slips 6 and 7 for its ferry operations to the Island. Slip 5 will be operated by the City’s Department of Transportation for use by private ferry operators as part of the City’s East River Ferry Service. Commuter service from Slip 5 is expected to begin this summer.

The plans for the first floor also call for the creation of attractive waiting rooms for ferry passengers. The architect for this phase of work will be Jan Hird Pokorny Associates Inc., architect and Tishman Construction Corp. will act as construction manager, the same team that, under the supervision of NYCEDC, recently completed $60 million in restoration and stabilization work on the 99-year-old industrial Beaux Arts-style building.

Designed by Walker & Morris, the Battery Maritime Building is constructed of cast and wrought iron. Its elaborate exterior materials include structural steel, cast iron, copper, stucco and ceramic tiles in vibrant colors. It is 30 feet high and encircled by 21,775 sf of support space.

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