The board of the Hudson River Park Trust is taking all suggestions to save the park from bankruptcy and it may mean that residential housing and a hotel are destined for Pier 40. Right now, the park's finances and physical structures are battling it out to see who can sink to the most perilous condition. Contributions from the city and state towards the park's capital budget have been sinking, while costs keep rising. The projected cost of repairing Pier 40's crumbling roof and corroded steel pilings is $100 million, according to The Villager, and the park is restricted from taking on debt.
A number of sports groups that use Pier 40 commissioned a study to explore ways out of the perilous situation, and the most profitable in terms of rent revenue generation was a mix of residential housing and a hotel. The development would be 15-30 stories and approximately 600,000 square feet of space, while keeping 70% of the area of Pier 40 open for public use. The state legislature would have to approve changes to Hudson River Park's charter to allow private development along the waterfront.
· Residential Could Save Pier 40, Study Finds [TheVillager]
· Pier 40 coverage [Curbed]