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Originally Posted by Skyguy_7
Can someone please enlighten me; Perhaps I've simply just missed it, but why on earth are they building an Billion dollar supertall around this POS run-of-the-mill senior housing project?
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It's really simple. The same reason every tall residential has gone up where they have - the land.
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The new residential and retail complex will be built on property currently owned by the Two Bridges Neighborhood Council and Settlement Housing Fund.....
During the briefing, held at Stern’s office near Union Square, the developers offered a first look at plans.......They’re envisioning about 600 rental apartments in the dramatic tower, approximately 150 of which will be set aside as permanently affordable units (25% of the total).
Back in 2012, Little Cherry Development, LLC agreed to purchase a parcel, known as 235-247 Cherry St., from Two Bridges Neighborhood Council and Settlement Housing Fund. A one-story building on the site was once home to the Pathmark Pharmacy. But the $4 million deal fell apart, and Little Cherry sued the not-for-profit groups for alleged breach of contract. That lawsuit has not yet been resolved.
The property owners now say they’ve come up with a solution that isn’t dependent on the courts. JDS and SHoP have agreed to purchase around 500,000 square feet of development rights from the organizations for $51 million. The project is being accomplished by demolishing a small community center on Cherry Street, nestling the 900-foot tower alongside an existing senior housing building and cantilevering a portion of the new construction over the old pharmacy property. The footprint for the tower will be about 9,000 square feet.
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Such is the state of building in New York now. As people in neighborhoods complain about 10 and 15 story buildings going up, the neighborhoods that
can build taller will have to accomodate it. People have to go somewhere. And we'll see solutions like this.
I still say the seniors should be relocated during that construction. At least those that want to.