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AvalonBay Gives Up on Stalled Plans for West Side Rentals

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Take a long look at the rendering to the right, which appears to have been the plan for the block between 56th and 57th streets and 11th and 12th avenues. The giant red "cancelled" stamp is there for a reason: the project is no more. Crain's reports that developer AvalonBay Communities won't be turning the place into a 44-story, 700-unit rental building. Development at the site hasn't exactly been chugging along, anyway?the original, recession-delayed deal has been in "pending" purgatory since February 2008.

AvalonBay has decided to redirect its energy, for now, to sites it actually owns, like the future long glass box in Chelsea. The 56th Street block, meanwhile, is owned by Four Plus, a real estate investment company. Sources tell Crain's TF Cornerstone may want AvalonBay's leftovers. There's just one catch: the site is next to a city garbage truck station.
· AvalonBay pulls plug on big W. Side project [Crain's]
· Four Plus Corporation: NY []
· Avalon Bay coverage [Curbed]