City Council greenlights Water Street arcades

Landlords can covert 110,000 sf

New York /
Jun.June 22, 2016 08:01 AM

The City Council on Tuesday approved plans to rezone portions of the Financial District that will allow landlords to fill unused space with retail.

Under the proposal, 20 Buildings Along Water Street can fill in 110,000 square feet of pedestrian arcades. In exchange, the landlords are required to upgrade nearby plazas. The City Council approved the plan with a few changes, including that any of the arcades larger than 7,500 square feet must go through the ULURP process in order to build retail shops, DNAinfo reported. Chain drug stores and banks can also only respectively take 50 and 30 feet of frontage.

The Downtown Alliance and the Economic Development Corporation submitted a land-use application for the rezoning in January. The proposal suggested that additional office space could be added to the mezzanine levels of 75 Wall Street, 77 Water Street, 2 New York Plaza, 7 Hanover Square and 175 Water Street.

The zoning proposal came six years after the Downtown Alliance issued a report suggesting that filling in the arcades was a possible fix for what is an “underwhelming pedestrian experience” on Water Street. [DNAinfo]Kathryn Brenzel


Related Articles

arrow_forward_ios
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Landis raises $165M with funding from Will Smith, Jay-Z–backed company
Landis raises $165M with funding from Will Smith, Jay-Z–backed company
Landis raises $165M with funding from Will Smith, Jay-Z–backed company
Soho’s zoning madness, such as artists-only lofts and a ban on ground-floor retail, may finally change with a proposed rezoning.
The shopping district that banned retail: Soho’s incoherent zoning
The shopping district that banned retail: Soho’s incoherent zoning
Gov. Andrew Cuomo (Getty, iStock)
Cuomo vows to speed rent relief after pressure from Schumer
Cuomo vows to speed rent relief after pressure from Schumer
HFZ's Ziel Feldman (The XI)
HFZ set to lose stake in $2B XI condo project
HFZ set to lose stake in $2B XI condo project
What tenants pay at Aby Rosen’s 980 Madison Avenue
What tenants pay at Aby Rosen’s 980 Madison Avenue
What tenants pay at Aby Rosen’s 980 Madison Avenue
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...