FOR IMMEDIATE RELEASE
May 26, 2005
MAYOR BLOOMBERG, ASSEMBLY SPEAKER SILVER, COUNCILMEMBER GERSON AND DEVELOPER BURTON RESNICK BREAK GROUND ON RESIDENTIAL, RETAIL DEVELOPMENT AND COMMUNITY CENTER IN LOWER MANHATTAN
Mayor Michael R. Bloomberg, Assembly Speaker Sheldon Silver, Councilmember Alan Gerson and developer Burton Resnick today broke ground on a residential, retail center, and community recreational facility in Lower Manhattan. The developer, West-Chambers Associates, will build an approximately 30-story tower along West Street in Manhattan's TriBeCa neighborhood with two 85-foot wings along Chambers and Warren Streets that will house residential condominiums, retail amenities, parking, and a 27,600-square-foot community facility. In addition, the Department of Education plans to lease about 10,000 square feet of space for at least 10 years as an annex to P.S. 234. The project, called 200 Chambers Street, is expected to create about 100 full-time jobs and 600 construction jobs. This project will be complimented by the Edward J. Minskoff Equities Inc. residential project across the street, which is currently going through the public approval process.
"This is a great achievement for the residents of TriBeCa and for the entire Lower Manhattan community," said Mayor Bloomberg. "This project, which includes residential, retail, parking, and a 27,600-square-foot community facility, coupled with the second residential and retail development across the street, marks another milestone in the transformation of the downtown area into a truly round-the-clock community. I want to thank Speaker Silver, Councilman Gerson, the community representatives, the City's Economic Development Corporation and the Resnick family for working so closely with us to create an extraordinary victory for Lower Manhattan."
"The building of this new community center facility demonstrates the amazing success of my community's ability to address a variety of cultural and recreational needs and improve the quality of life for those who live here and those who live in the surrounding neighborhoods," said Speaker Silver. "This project shows what can be accomplished when we work together."
West-Chambers Associates, which purchased the site from the City for about $40.5 million, plans to create 258 condominium units, 14,000 square feet of retail space and about 75 below-ground parking spaces. In addition, the developer will build a 27,600 square foot community facility that is expected to be operated by Manhattan Youth, which provides a wide variety of cultural and recreational activities for downtown residents. The developer has not announced the retail tenants that will be part of the project. Chambers Street, West Street, Warren Street and the P.S. 234 playground border the site, known as Site 5C, which currently consists of about 34,000 square feet of vacant land. It is expected that the project will be completed in late 2006.
"Our Downtown neighborhood has had a long standing need for a community center, and we are thrilled that a permanent home for a community center will be part of this project," said Assemblymember Deborah J. Glick.
"The Resnick Development provides a model for growth and development in our city," said Councilmember Gerson. "It combines public and private investment to yield new housing, a much needed community center and space for an expanding school population. In conjunction with the development on Site 5B across the street, a portion of the $50 million set aside by the LMDC for affordable housing in Lower Manhattan will be spent on this project. I especially want to thank the developers for their awareness of and sensitivity to P.S.234 and the surrounding community by utilizing state-of-the-art noise abatement technology. This is yet another step forward in the revitalization of lower Manhattan."
"Our ongoing commitment to downtown continues with 200 Chambers Street and we are grateful for the City's help and support in making this important project a reality," said Jack Resnick & Sons Chairman Burton P. Resnick. "The development of this magnificent property is an important building block in the resurgence and renaissance of Lower Manhattan."
"This is a terrific example of a public, private partnership that will make an enormous contribution to the quality of life of downtown residents," said EDC President Andrew M. Alper. "Under Mayor Bloomberg's leadership, the process was moved quickly, and the City worked with a number of stakeholders to ensure we met the needs of the developer and the community. I want to thank everyone who worked tirelessly on this important project and I'm proud EDC played a key role in making this day possible."
Edward J. Minskoff Equities Inc.'s project, which is in the public approval process, would create a 35-story tower with more than 420 residential units, about 170,000 square feet of destination and local retail space, including a Whole Foods supermarket, and two levels of below-grade public parking for up to 400 vehicles. The development, on what was formerly known as Site 5B, is located on the western side of Greenwich Street between Warren and Murray Streets. The project is expected to create about 300 permanent jobs and 1,000 construction jobs.
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