Key component of St. John’s project could be majorly delayed

Sputtering luxury market could lead to Westbrook Partners, Atlas Capital pressing pause on the construction of apartments

TRD New York /
Nov.November 03, 2016 07:30 AM

The developers behind the proposed 1.7 million-square-foot redevelopment of the St. John’s Terminal are apparently considering delaying a major element of plan, which includes five buildings holding a mix of luxury condos and market-rate and affordable housing.

At a City Council meeting over the rezoning that would allow the project at 550 Washington Street to move forward, the local councilmember Corey Johnson said developers Westbrook Partners and Atlas Capital Group were apparently exploring a “hybrid plan” due to the choppy luxury market. This plan would delay the development of some of the housing, Johnson said.

The councilman was concerned that the delay will prevent the Hudson River Park Trust from getting the funds it needs to repair the pilings under Pier 40, according to DNAinfo. The Trust has agreed to sell the St. John’s developers $100 million worth of development rights and planned to use the funds for the badly-needed repairs.

The project has already undergone several iterations, and the developers nixed plans for a retail center and an elevated park due to community concerns in September.

Johnson, meanwhile, put forth several conditions that must be met if Atlas and Westbrook TRData LogoTINY want his vote for the rezoning, including an expansion of the West Village Historic District, and a promise that the Trust won’t sell it’s remaining 383,000 square feet of development rights in CB2.

The City Council will not vote on the rezoning until it’s clear what the developers’ plans are. [DNAinfo] — Chava Gourarie


Related Articles

arrow_forward_ios
Atlas Capital pays $240M for LA Times’ printing plant in Downtown

Atlas Capital pays $240M for LA Times’ printing plant in Downtown

Atlas Capital pays $240M for LA Times’ printing plant in Downtown
110 Leroy Street (Credit: Google Maps)

Atlas Capital buying West Village building for $80M

Atlas Capital buying West Village building for $80M
Westbrook Partners lands investment from Goldman Sachs

Westbrook Partners lands investment from Goldman Sachs

Westbrook Partners lands investment from Goldman Sachs
Westbrook is lending $96M on the Downtown hotel it just sold

Westbrook is lending $96M on the Downtown hotel it just sold

Westbrook is lending $96M on the Downtown hotel it just sold
This is how Westbrook is funding its buy of the Union Square W Hotel

This is how Westbrook is funding its buy of the Union Square W Hotel

This is how Westbrook is funding its buy of the Union Square W Hotel
Law firm inks 12-year lease at Westbrook’s 444 Madison Avenue

Law firm inks 12-year lease at Westbrook’s 444 Madison Avenue

Law firm inks 12-year lease at Westbrook’s 444 Madison Avenue
The 10 biggest Queens deals in Q2 2018

The 10 biggest Queens deals in Q2 2018

The 10 biggest Queens deals in Q2 2018
Sush Torgalkar and the W Union Square

Westbrook close to buying the W Union Sq. hotel for $168M

Westbrook close to buying the W Union Sq. hotel for $168M
arrow_forward_ios

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

Loading...