NEW YORK CITY—MG Properties, the real estate investment and development arm of McCourt Global, has formed an equity and development partnership with Hines on the development of its mixed-use project at 360 Tenth Ave. MG Properties and Hines have selected SHoP Architects to design the high-profile project.
The property was purchased from Sherwood Equities last year for approximately $168 million. Immediately adjacent to Hudson Yards at 31st Street on the Far West Side, 360 Tenth Ave. is zoned for up to 733,406 square feet of total zoning floor area.
“We are very pleased to have the world class team at Hines join us on 360 Tenth,” says Drew McCourt, president of MG Properties. “The addition of SHoP's creativity and innovation is a significant enhancement to the project as we look to blend the residential, retail, and commercial elements into an architecturally-significant addition to the North Chelsea/Hudson Yards neighborhood.”
Adds Tommy Craig, Hines' senior managing director for Hines' New York office,
“We are excited to partner with the McCourt team on 360 Tenth and welcome the opportunity to expand our development work into the heart of Manhattan's fastest growing new neighborhood.”
SHoP has been a creative force behind many notable projects around town in recent years, including: 111 West 57th St.; 626 First Ave.; Gotham Gateway; the Domino Sugar Refinery and Barclays Center.
"We are thrilled to be working with McCourt and Hines to design this important new tower at the terminus of the High Line and the hinge between the Hudson River and Penn Station,” says Vishaan Chakrabarti, a partner at SHoP Architects. “We hope to create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
