As a 10-year easement with the Port Authority of New York and New Jersey nears expiration, Georgetown Company has big plans for a waterfront site near Hudson Yards which it has owned for over 50 years.
The development firm, headed by Adam Flatto, is planning a 25-story, 1.1-million-square-foot office building on the site, Commercial Observer reported. Georgetown plans to break ground next year and tenant delivery is expected in 2024.
Georgetown acquired the site in the 1960s and has used the site as a parking lot. The company filed plans in 2008 to build a 66-story hotel on the lot, but these were not approved.
In 2010, the developer entered into an easement agreement with the Port Authority to allow for a new tunnel across the Hudson River. New Jersey Gov. Chris Christie killed those plans, but the easement, which expires this September, remained in place.
A spokesperson for the Gateway Program Development Corporation told CO that the Georgetown site is needed for ventilation for a new tunnel. Georgetown declined to comment.
The office development, which will cost more than $1 billion, will include large floor plates attractive to tech tenants, similar to those at the Oxford Properties’ St. John’s Terminal, a source told CO.
Georgetown’s lot, on 12th Avenue between West 29th and 30th streets, shares a block with Douglaston Development’s 931-unit apartment project at 601 West 29th Street and Lalezarian Properties’ 260-unit mixed-use development at 606 West 30th Street, both of which began construction last year. [CO] — Kevin Sun