[Rendering via BIG]
There are some changes afoot at Bjarke Ingels Group's geometric High Line-adjacent development on West 17th Street. Developer HFZ has filed new plans for the four-story base of the two-towered building, which spans 242,750 square feet. (The entire project comes in at 800,000 square feet.) The original proposal was to build out retail space along the 50,000-square-foot ground floor, with a 150,000-square-foot hotel on the next three floors. But according to The Real Deal, the hotel has been replaced and now the base will hold retail and office space.
Plans for the building—which is located at 76 Eleventh Avenue, with an alternate address of 501 West 17th Street—show retail taking up the cellar level, first, and part of the second through fourth floors. Office space will also occupy the second through fourth floors. HFZ Capital Group didn't offer a comment as to why the plans have changed, although the Real Deal has a good guess. Office vacancy rates are very low in the area—just around two percent—while prices are going up. At 860 Washington Street, a new office project in the area, prices are as high as $200 per square foot.
[Rendering via BIG]
Construction is supposed to last until 2018 on the $870 million project, which will hold around 300 apartments. Prices on the mostly two- and three-bedroom condos will start at just under $4 million. The distinctive, slanting design will allow for more apartments (and now office space) with views of the High Line and Hudson River.
· HFZ to Replace Hotel Plan With Office at Chelsea Megaproject [TRD]
· Is This What Bjarke Ingels's High Line Project Will Look Like? [Curbed]
· All 76 Eleventh Avenue [Curbed]