The saga that is the potential redevelopment of St. John's Terminal just got a bit more epic, as Crain's reports that Westbrook Partners paid more than $200 million to buy out Fortress Investment Group for a majority stake in the building. That means that the 1.1 million square foot office building is in the hands of a single controlling owner for the first time in a while, which may help pave the way for its long-awaited redevelopment. Crain's says that sources familiar to the company say that Westbrook wants to either gut-renovate the three-block-long building that stretches between Clarkson and Charlton Street on Washington Street, or knock it down to construct some new stuff. It sounds like what Westbrook really wants to do is add residential space to the building that's currently zoned for office and hotel use, but in order to do that they would need to gain capital from the citywhich, in the past, has proven easier said than done.
Last year, developer Atlas Group allegedly hatched a hush-hush plan with the city to buy $100 million of air rights from the nearby Pier 40, which in theory would give a much-needed cash infusion to the sinking, decrepit pier while also allowing the developer to dig into the building's additional 280,000 square feet of development rights. Atlas Capital Group still owns a minority stake in the building, but the status of the Pier 40 air rights deal is as uncertain as its ever been. According to Crain's, an unnamed "recent report" says that that deal might still be alive.
· Firm pays $200 million for majority stake in St. John's Terminal, eyes big redevelopment [Crain's]
· Pier 40 Air Rights Deal Could Mean Affordable Housing Nearby [Curbed]
· Pier 40's Secret $100 Million Air Rights Memorandum Is Dead [Curbed]
· All Pier 40 coverage [Curbed]
· All St. John's Terminal coverage [Curbed]