The site is located along both sides of Front Street between Beekman Street and Peck Slip. Existing structures on the property are deteriorating loft buildings. The development will create roughly 100 apartments and 22,000 sf of ground-floor retail and gallery space. A 7,000-sf maritime center will be created as a complement to the expanding Seaport Museum and will showcase the collections of the Seamen's Church Institute of New York and New Jersey.

"This project will restore and revitalize an entire block in the Seaport neighborhood," says Andrew M. Alper, president of the New York City Economic Development Corp. "The development will bring attractive new housing, gallery and retail space--fitting to the historic community. Historic Front Street's team has the experience and financial backing required to successfully meet the challenges of this complex project."

The site's 13 existing buildings will be renovated with an eye toward restoration of their original character. Several will remain individual properties while others will be linked internally. The new construction will also pay homage to the historic character and scale of the South Street Seaport Historic District.