Developer Larry Silverstein is thisclose to finally building his long-planned tower at 30 Park Place. Silverstein has made an agreement with Children's Investment Fund Management LLP for up to $660 million in construction financing, according to the Journal. Not bad, even if Silverstein did promise to break ground on the project in 2012. If/when it does get built, the Four Season Hotel and Private Residences New York Downtown will, as the name suggests, include a 189-room Four Season hotel and 157 condo units. The most expensive of these will probably ask around $34 million. And the whole thing will come in a Robert A.M. Stern-designed package meant to evoke 1920s architecture, a welcome choice in the context of other FiDi new construction.
Stern's design was first unveiled back in 2008, when the project was still known by its 99 Church Street address. (The hotel is going up where the Moody's building once stood.) At the time, it was set to be Manhattan's tallest residential building at 80 stories. Points for trying?
But at least the renewal of the downtown residential market has, as the Journal notes, made it easier for Silverstein to get 30 Park Place back on track. At 56 Leonard, more than 70 percent of the units are in contract. At 150 Charles Street, there are only two units not yet in contract. So what better time for Silverstein to unleash this building upon the world?
· Condo-Hotel Tower Aims for Superluxury [WSJ]
· 30 Park Place coverage [Curbed]
· 99 Church Street coverage [Curbed]