A building set to be one of New York City’s tallest office towers is one step closer to reality.
RXR Realty and TF Cornerstone’s development at 175 Park Avenue has received approval from the City Council, Bloomberg reported. The mixed-use building at the Grand Hyatt site next to Grand Central Terminal will include more than 2 million square feet of office space and up to 500 hotel rooms.
The developers unveiled plans in February for a 1,600-foot-tall office and hotel tower, which would surpass Extell Development’s 1,550-foot Central Park Tower as one of the city’s tallest buildings, second only to One World Trade Center.
The size of the development has been cut slightly, according to Bloomberg. The tower is still expected to be 1,575 feet tall, slightly down from its original proposed height of 1,646 feet.
The project is replacing the first major Manhattan development by Donald Trump, who sold his share in the building in 1996. TF Cornerstone and RXR partnered to redevelop the site in 2019.
The project reportedly faced a lengthy entitlement process due to the variety of city and state interests in the site.
The development will include provisions for hundreds of millions of dollars in infrastructure and transportation improvements that would help pay for a 5,000-square-foot transit hall and additional subway entrance, according to a statement from city council member Keith Powers reported by Bloomberg. The development will also include 25,000 square feet of public terraces around the building and 10,000 square feet of retail space.
Now that the project can move on, Bloomberg reported the developers will begin seeking construction financing necessary to redevelop the property, as well as looking for potential tenants. They hope to begin demolishing the existing site beginning in 2023.
[Bloomberg] — Holden Walter-Warner