Work on the crumbling Pier 40 at Hudson River Park could begin next year if the Trust overseeing the park is able to sell air rights worth $100 million to a group of developers hoping to bring apartments nearby, Crain's reports.
Last year it was revealed that the Pier needed $104 million worth of repairs that would take place over a ten-year period, but the Hudson River Park Trust needs to procure the funds to move ahead.
Across from the Pier, developers Westbrook Partners and Atlas Capital Group intend to convert the St. John's Terminal building into nearly 1,600 apartments but in order to do that they not only need the air rights but also need to go through a public review process to rezone the site. That process would also authorize the sale of the air rights.
On Tuesday, the Hudson River Park Trust issued a request for proposals to design the intended repair work that the Trust hopes will begin the spring of 2017.
Westbrook and the Atlas Group intend to contribute to the cost of design regardless of whether their project next door is approved, according to Crain's. But if the city approves the sale of the air rights and the project itself then the money contributed to the design will be included as part of the $100 million air rights sale.
- Crumbling Hudson River Park pier repairs can begin next year, if city approves crucial sale [Crain's]
- Pier 40 Plan Will Bring 1,586 Apartments to the West Village [Curbed]
- Pier 40 Needs $104M, Decade-Long Overhaul To Begin Now [Curbed]
- St. John's Terminal Redevelopment Gets First Renderings [Curbed]