NYC Grants Howard Hughes Final Approval for Seaport Project
The company has also gotten approval to extend its ground lease for city-owned properties at the Seaport to 99 years.
New York City has given Howard Hughes Corp. final approval for its $850 million development project at 250 Water St. at the Seaport in Lower Manhattan.
The 26-story mixed-use project will feature residential rental apartments, office, retail and community space.
One change since the project was first introduced: The building’s market-rate residential component originally was going to be for-sale units. It will now offer market-rate residential rental units instead.
The project is expected to break ground in 2022.
Howard Hughes Corp. has also obtained approval from the city to extend its ground lease for city-owned properties at the Seaport to 99 years, from a remaining 51-year term.
The 324-foot-tall building will have approximately 270 apartments above a five-story base with office, retail and community space.
Per the city’s Mandatory Inclusionary Housing program, Howard Hughes Corp. has committed that 20% of the residential floor area comprising at least 70 of the 26-story building’s apartments will be affordable to families earning an average of 40% of area median income, or roughly $45,000 for a family of four.
The approval of 250 Water St. and the lease extension caps a comprehensive public review process that included review by Manhattan Community Board 1, the Manhattan Borough President, the New York City Planning Commission and the New York City Council.
The company will begin a comprehensive remediation of the site through the New York State Brownfield Cleanup Program in 2022.