World Trade Center developer Silverstein Properties has dropped plans for a supertall residential tower near the burgeoning Hudson Yards development, the New York Daily News reports. The tower at 514 Eleventh Avenue (the site of a now demolished Mercedes-Benz dealership), would have been 1,100 feet tall and housed 1,400 units. Reportedly, the decision to drop the plan centered on an affordable housing requirement.
Silverstein, which bought the site for $100 million earlier this year, wanted to make most of the units in the 106-story-tower luxury housing. According to Crain's, which first reported the news, there was a disagreement over how much affordable housing to include in the development:
To receive an allowance from the city to build more residential units, Silverstein initially offered to reserve at least 250,000 square feet for affordable housing. But that figure fell short of the 375,000 square feet the city sought.Spokesmen for both the city and Silverstein said that the two parties eventually agreed that 375,000 square feet of affordable units would be included in the project.The site was zoned for commercial use, so would have needed to be rezoned for a residential tower (though 300,000 square feet of commercial space was planned). A spokeman for SIlverstein told Crain's, "With everything we have going on at the World Trade Center and elsewhere, this just isn't the right time for us to develop this project."
· World Trade Center developer drops plans to build massive residential tower on West Side [NYDN]
· Silverstein reconsiders mega-tall West Side residential tower [Crain's]
· Mapping the Rise of New York City's 20+ Supertall Towers [Curbed]
· Demolition Begins At 520 West 41st Street, Site Of 106-Story Mixed-Use Tower, Midtown West [NYY]
· 514 Eleventh Avenue [Oppenheim]
· All 514 Eleventh Avenue coverage [Curbed]