Business hub forms in Meatpacking District

Since the High Line opened less than two years ago, a small business district is beginning to form nearby in the Meatpacking District, the Wall Street Journal reported. A 15-story tower at 450 West 14th Street is being developed and a second one at 860 Washington Street was approved by the city. A joint effort between Taconic Investment Partners and Square Mile Capital wants to add a third office building, and plans to seek city approvals tomorrow for a 50,000-square-foot glass structure. These three projects mark the development of a fledgling office district, in contrast to the neighborhood of West Chelsea where a spate of new residential towers is being built. While West Chelsea was rezoned in 2003 to allow for residential projects, the Meatpacking District still maintains its manufacturing zoning. However, with the arrival of the High Line came new office space, which is permitted in manufacturing areas, as are hotels and nightclubs. [WSJ]