The property site is directly across from the area between East 78th and East 80th streets in Manhattan and borders esplanades along the East River on both its east and west sides. The complex is being developed on the five-acre site of a former city-owned hospital, which was constructed in 1839. The central structure will be a rehabilitation of the sole portion of the hospital that is still standing on the site. The structure, which is known as the Octagon Tower, is an official New York City landmark and is listed on the National Register of Historic Places.

The new development will consist of two 13-story wings attached to an eight-sided, domed central structure that will include the lobby and other common space. Also included will be underground parking, six tennis courts, a swimming pool and an ecological park. Becker and Becker, which was founded in 1950, concentrates on projects within the New York metropolitan area, with a particular focus on historic renovations.

In addition to this financing, the developers expect Historic Tax Credit and New York State Green Building Tax Credit Equity. Construction was originally expected to be under way already, but was delayed due to the Sept. 11 terrorist attacks and design changes, according to Sonnenblick's Andy Oliver.