The renovation of Pier 57 into a 560,000-square-foot mixed-use development complete with an Anthony Bourdain-run food hall and a rooftop park is one step closer to reality. The project has secured a $225 million loan from PNC Bank, Commercial Observer reported. That covers over half of the estimated $350 million cost of the project, being co-developed by Youngwoo & Associates (who is also redeveloping the Bronx General Post Office) and RXR Realty under the oversight of the Hudson River Park Trust.
The pier is a former shipping and bus terminal located on the Hudson River between West 15th and 16th streets. The Bourdain food hall, dubbed Bourdain Market, will occupy 100,000 square feet, anchor tenant Google will will take 250,000 square feet, and the rooftop park will cover 80,000 square feet. There will also be 34,000 squre feet of esplanades around the pier.
• RXR Scooping Up $225M PNC Loan for Pier 57 Revamp [Commercial Observer]