The redevelopment of St. John’s Terminal into a massive residential, retail, and office complex might get a boost with a new partner. The Real Deal alleges that Brookfield Property Partners is in talks to join developers Atlas Capital Group and Westfield Partners in transforming the former elevated train terminus and storehouse into a five-tower, 1.7 million-square-foot mixed-use complex.
The size of Brookfield’s buy-in is unclear, but The Real Deal reports that Westbrook and Atlas have been seeking a partner to dump $100 million in equity into the project. Sources of TRD’s say the developers have been looking for an investment partner for the project’s south site, which is being eyed for an office building or a hotel.
The redevelopment of St. John’s Terminal was pushed forward in December 2016 when the City Council approved the $100 million sale of air rights from Pier 40 to the adjacent terminal.
The three-block-long site will be redesigned by COOKFOX, and will hold 1,586 rental apartments, offices, a hotel and at least 400,000 square feet of retail space. Under conditions agreed on before the City Council vote, 30 percent of apartments in the development will be dedicated to low- and middle-income housing.
Negotiations also saw the developers commit to lease to small-scale stores rather than big box shops, reduce parking on site, and bring in a grocery store. Council member Johnson also negotiated the future prohibition of air rights transfers from Hudson River Park into Manhattan District 2.