Development firm Savanna has received financing to move ahead with its plans to develop part of the Jewish Theological Seminary campus in Morningside Heights into a residential building, the Commercial Observer reports (h/t YIMBY).
Savanna paid the Seminary $96 million for air rights and a parcel of the land at the seminary's property at 3080 Broadway. Through the sale, the developer will demolish a section of the Seminary on West 122nd street, and build a 250,000 square foot tower in its place.
The Seminary in turn will use these funds to build a performing arts space, a new residence hall and a library, all to be designed by Tod Williams and Billie Tsien. Savanna on the other hand has hired Beyer Blinder Belle to work on the new residential building.