Three hundred years ago in the most unknowingly profitable real estate bestowal ever, the Financial District's Trinity Church was granted some 215 acres of downtown property by Britain's Queen Anne. Now, the church is looking to expand on the land that's worth some $2 billion by, for the first time, developing residential properties. The idea isn't a new one; the church was a major player in the 2013 rezoning of Hudson Square that will allow the institution to convert some of its 5.5 million-square-feet of office space in the neighborhood into residential. Crain's reports that the church's property arm, Trinity Real Estate, is now looking into developing up to four luxury towers in the neighborhood, in addition to a mixed-use tower at the site of the church's downtown property.
The church will soon begin seeking a partner for a planned 430-foot-tall, 300,000-square-foot residential building in Hudson Square on a lot between Canal, Varick, and Grand streets and Sixth Avenue that will have a 444-seat public school at its base. Farther down the pipeline, Crain's reports Trinity is also looking into developing 4 Hudson Square, a 1 million-square-foot development site between Hudson, Varick, Spring, and Vandam streets that can likely give rise to one residential and one office tower. The church hasn't elaborated further on the other towers they plan to bring to Hudson Square.
It seems the church is more immediately focused on selecting a partner to help rebuild its Trinity Place property. The building will be converted into a 44-story Pelli Clarke Pelli-designed tower, a look that beat-out COOKFOX's biophilic plan for the space last July.
· Trinity to erect apartment towers [Crain's]
· Trinity Church Selects Pelli Clarke Pelli To Design Condo Tower [Curbed]
· All Trinity Church coverage [Curbed]