Previously, the site was home to two vacant warehouses. Designed by architect Stephen B. Jacobs, it will feature one 13-story and one 14-story building. Studio, one- and two-bedroom apartments will contain amenities such as designer kitchens, marble bathrooms, oversized windows and in-apartment washer/dryers. A glass atrium will connect residents to more than 4,500 sf of amenity space including a lounge area and fitness room, and a landscaped courtyard. At the base there will be approximately 11,000 sf for retail use.

"Stephen tried to make it contextual, to fit in with Chelsea" explains Steven Charno, vice president of Douglaston Development. "555 West 23rd St. will expand upon a budding corridor in Chelsea running from 10th Avenue to the river." Construction on this first Chelsea-area project for Douglaston is estimated to be completed by April 2005.

The project is being financed by Northwestern Mutual Life Insurance Co. and the leasing consultant for the project is Nancy Packes of Halstead/Feathered Nest. The property manager will be Levine affiliate, Clinton Management.