A group of developers have commissioned a study to rethink Canal Street as they ratchet up a controversial effort to allow for taller buildings along Chinatown’s main thoroughfare, the Wall Street Journal reported. The developers say that Canal Street’s role as a major transit hub and commercial center means they should be allowed to build high-rise offices and apartments in place of the low-slung buildings that occupy much of the street. But they’ll have to overcome
concerns that their push would damage Chinatown’s economy and heritage. “It’s such an important part of New York, and right now it’s sort of blighted,” said Keith Lipstein of developer ABS Partners Real Estate. “I’m a big proponent, at least from a commercial standpoint, of that area being rezoned to the highest possible density.” The developers’ movement to rezone Canal Street comes amid a broader effort by business and community leaders in Chinatown to both revitalize and preserve the historic neighborhood. That effort is being spearheaded by the Chinatown Working Group, a community group that is hoping to agree on a comprehensive plan for Chinatown and submit it to the city by the end of the year. [WSJ]

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From the August issue: For more than a century, Tribeca was a de facto pantry, as its
industrial blocks warehoused fruit, spices, vegetables, and most
notably, butter and eggs.
But starting in the 1960s, the Downtown neighborhood — which is
bounded by Canal Street, Broadway, the former World Trade Center site
and the Hudson River — began to give up its perishable goods for
people, in a profound way. Brick and Beaux Arts lofts located along
wide cobblestone streets began to be converted into apartments.
In fact, those historic buildings, which sit in the 10007 and 10013
zip codes, became some of the priciest homes in New York City.
But since the downturn hit, the real estate market in Tribeca has
been in serious trouble. According to sales figures, the area appears
to be in far worse shape than many other comparable neighborhoods. [more]