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AvalonBay Finally Plans to Put Something on West Chelsea Lot

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Something we've seen a lot of over the last couple years: new condos bordering the High Line. The elevated park made the arty neighborhood cool?so cool, in fact, that the Times sees barely any evidence of the real estate crash around the first phase of the High Line. A few projects we haven't heard much out of recently are even unfreezing. Like AvalonBay Communities' massive rental development on 28th Street, first planned in 2007. The project, which had to do a complicated zoning dance to get the air rights needed to build, will consist of 600 to 700 rental units, and a source tells the Times the project will break ground (on the lot at right) in mid-2011. Just south at the sometimes-struggling +Art, where sales paused last year, about 20 percent of apartments have sold. But the PriceChopper likes to stroll the High Line, too: most of those +Art units have found buyers at 10 to 15 percent off asking prices.
· In West Chelsea, a High Line Boomlet [NYT]
· AvalonBay Puts Together a Mega-Site in West Chelsea [Curbed]