The Financial District’s latest planned supertall is officially moving forward after the development team held a groundbreaking ceremony at the construction site, at 45 Broad Street, Wednesday morning.
The 1,115-foot tower is being developed in a joint venture by Madison Equities, Chinese real estate firm Gemdale, and Italian real estate company, the Pizzarotti Group.
Plans to develop a building at 45 Broad Street have been in the works for nearly a decade now. A Robert de Niro-backed hotel was proposed here in 2008, but it never got off the ground. Five years later, there were rumors about a 53-story building designed by SLCE Architects. It wasn’t until late 2015 that the current plan materialized, after the development group purchased the site for $86 million.
CetraRuddy was roped in shortly after to design the supertall, and the first renderings for the project emerged in early 2016. Details on the makeup of the building have changed a little bit since then however. Plans originally called for 245 apartments spread out over 86 stories. By summer 2016, plans had been scaled back just a little bit with 150 apartments planned over 66 floors.
Now the apartment count has changed, again. At the groundbreaking event on Tuesday, the development team announced that the project would feature 206 condos that come in studio through three-bedroom variants (including penthouses). Prices will start at just under $1 million and go up to $6 million.
Floors one through eight in the 66-story building will feature offices geared towards millenials, according to Robert Gladstone, the CEO of Madison Equities. Apartments here will start at about 230 feet above ground, and go up to 990 feet. In addition, the building will be fitted with solar collectors on the south facade that will likely help power the office space.
Apart from that, the developers have also planned two new subway elevators to the Broad Street J/Z station, that will be publicly accessible, and are in large part the developer’s response to the lack of ADA accessibility on the city’s subway, Gladstone said at the groundbreaking. Once complete, the building will be tallest residential structure in Lower Manhattan.