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Plans Emerge for $500M Mixed-Use Project

NEW YORK CITY-Development project combining two public schools, a 320-unit condo and 170,000 sf of retail to be completed by 2011.

By Katie Hinderer | Updated on October 18, 2006

NEW YORK CITY-World-Wide Group has been chosen to develop a $500-million mixed-use project on the corner of 57 Street and Second Avenue. The project will redevelop two New York City public schools and add 170,000 sf of retail and a 320-unit residential condo to the area. The Education Construction Fund chose World-Wide for the project.

The company will lease the site for 75 years, making lease payments and Payment in Lieu of Tax payments to the ECF. These payments should cover the estimated $130-million school redevelopment without tapping taxpayers dollars.

In the first phase of construction, World-Wide will focus on redeveloping the High School of Art and Design and Public School 59, the two schools currently located on the site. This is expected to begin this January and take three years to complete. The high school will continue to operate in its current location until construction of the new site is complete, according to Lee Silberstein, the PR contact for World-Wide. PS 59 will relocate, to an unknown location, during the development period. At completion, PS 59 will be able to accommodate an additional 400 students, having seats for 730 people. The High School of Art and Design will host 1,400 students.

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