The Real Deal New York

Big-box retail or extra parking at St. John’s Terminal?

Westbrook, Atlas propose two alternatives for 1,586-unit West Side project

November 02, 2015 11:00AM

550 Washington Street

550 Washington Street on the West Side

UPDATED, 1:27 p.m., Nov. 3: Westbrook Partners and Atlas Capital Group are floating two possible plans for the retail space at their massive St. John’s Terminal project across from Pier 40 on the West Side.

The developers are considering two options: a 255,000-square-foot big-box retail outlet paired with 412 parking spaces, or a 160,000-square-foot retail space with 886 parking spots.

Westbrook and Atlas need City Council and Department of City Planning approval for either plan. If they get it, they will be able to purchase development rights from Hudson River Park and bypass certain zoning rules, Crain’s reported.

“We have not made any decisions about the possibility of including a big-box retailer, mostly-below grade, if rezoning is approved,” a spokesperson for Westbrook and Atlas told Crain’s in a statement. However, “we look forward to an ongoing dialogue with the community throughout the public process.”

The developers are planning a five-building, 1,586-unit, 1.7 million-square-foot complex at the site, centered around 550 Washington Street.

Westbrook and Atlas bought a majority stake in the site over the summer, paying $200 million to partner Fortress Investment Group.

Late last month, they struck a deal to buy 200,000 square feet of air rights from the Hudson River Park Trust at a price of $100 million, after years of negotiations. [Crain’s]Ariel Stulberg

A previous version of the article said the partners bought 250,000 square feet of air rights rather than 200,000.