a June RFP, will review the proposals over the next few months.
As reported by GlobeSt.com, proposals came in last month from the Related Cos., Young Woo & Associates and a joint venture of the Durst Organization and C&K Properties. The HRPT hopes that development of the historic pier, on the Hudson River at 15th Street, will generate revenue to maintain the 550-acre Hudson River Park now under construction.
According to a summary of the plans, Related's proposal envisions an environment of "diverse and accessible uses that neighborhood residents, park-goers, and New Yorkers would use on a daily basis." It would include a food marketplace along the lines of San Francisco's Ferry Terminal Market or Pike's Place Market in Seattle along with restaurants and cafes occupying a total of 84,000 square feet. There would be a 63,000-square-foot movie theater in which Sundance Films has reportedly indicated an interest. The plan would also include 75,000 square feet of events space, including a central ballroom of 20,000 square feet.
In YWA's proposal, P57, would similarly include a large-scale public market and a movie theater, the latter intended as a permanent home for the Tribeca Film Festival. Additionally, Phillips de Pury & Co., an art auction house headquartered in Chelsea, would establish the Contemporary Culture Center at P57 and would occupy approximately 100,000 square feet. It would include open galleries, fine art auctions, musical performances and ancillary space.
The Durst/C&K JV plans a "Harbor Square" that would serve as an extension of the Meatpacking District, where Pier 57 is located. The Children's Museum of Manhattan has provided a letter of interest and would occupy approximately 58,000 square feet, according to the summary of the plans. A live music venue and restaurant, operated by a single provider would occupy a similar number of square feet. In addition, approximately 173,000 square feet would be available to retail and restaurants. The JV intends to attract a combination of national/international chains with independent and/or locally operated stores.
Related's plan proposes a development budget of $353 million, while the Durst/C&K JV plans to spend $330 million. YWA's development budget comes in at $191 million.
"Clearly these developers put a tremendous amount of effort into coming up with exciting visions for what Pier 57 can become," says HRPT president Connie Fishman in a release. "Although there is still much information to review, the idea of Pier 57 becoming a major hub for Hudson River Park is certainly appealing."
The HRPT is now reviewing the three proposals to determine their compliance with the Hudson River Park Act, which then-Gov. George Pataki signed in 1998, and the criteria spelled out in the RFP. These include: compatibility of the proposed uses with the park; capacity of the development team to complete the project; the design of the project, including its respect for the pier's historic structure; the financial feasibility of the project; and the revenue it will generate for the HRPT.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
