The Liberty Bond issuance represents the last of HDC's allocation. The New York State Housing Finance Agency also contributed $13.9 million from its Liberty Bond allocation to make this exciting development possible. "Beekman Tower is among HDC's most notable financings to date" according to Marc Jahr, president of the HDC. "I'm confident that this striking Frank Gehry designed building will provide a powerful impetus to the continuing transformation of Lower Manhattan into a vibrant live-work neighborhood."
The Liberty and taxable bond proceeds will be used by FC Beekman Associates, an affiliate of Forest City Ratner, to construct 904 residential units and approximately 1,500 sf of retail space. Beekman Tower will also include a separately financed ambulatory care center to be operated by the New York Downtown Hospital; a below grade 175-space parking garage; and a pre-K through 8th grade Public School to be owned and operated by the New York City Department of Education.
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According to a prepared release, the residential Liberty Bond program helped jump start the transformation of the financial district into a 24/7 community through projects like the Beekman Tower and has also generated significant funds for affordable housing development. The Beekman Tower Liberty Bond financing generated approximately $6 million in fees that HDC will devote to financing affordable housing. To date, HDC has constructed 467 affordable housing units using approximately $31.4 million in fees derived from previous Liberty Bond transactions.
Bruce Ratner, chairman and CEO of Forest City Ratner, says in a prepared statement that "this project could not have happened without the Support Speaker Silver, Mayor Bloomberg, Deputy Mayor Deputy Mayor Leiber, HPD Commissioner Donovan, NYC HDC President Marc Jahr, LMDC President David Emil and Chairman Avi Schick and all of the local community leaders."
The state of Downtown as a whole, will be spotlighted on May 13 at RealShare Downtown New York.
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