Youngwoo & Associates’ plan to transform Pier 57, a 900-foot Hudson River pier near the Meatpacking District, into a retail and recreation complex is entering the city’s land use approval process, the Wall Street Journal reported.
The plan, which has been received more favorably by the city than previous proposals, includes almost 300,000 square feet of markets, restaurants and other commercial space, the Journal said.
In order to proceed, Youngwoo must also sign enough commercial leases to put together a private financing package for the project, the Journal said. If all goes as planned, ground will be broken on the project in 2013, said Madelyn Wils, CEO of the Hudson River Park Trust, which is overseeing the project on behalf of the city.
The Trust is confident that Youngwoo will find the funds to move forward with the project. The developer “has a record of getting their projects financed,” Wils told the Journal. [WSJ]