After months of trying to find a partner to redevelop St. John’s Terminal into a massive residential, retail, and office complex, the developers behind the project are looking to sell the site in its entirely.
The New York Post reports that Oxford Properties Group is in contract to purchase the 1.58 million-square-foot complex for $700 million from Westbrook Partners and Atlas Capital. In New York City, Oxford Properties is perhaps best known as Related Companies’ partner on the Hudson Yards megaproject.
This new twist in the redevelopment of this West Village site comes less than a year after the City Council approved the transfer of air rights from the nearby Pier 40, allowing the development to move forward in its entirety.
The sale doesn’t come as a complete surprise however. Westbrook and Atlas have been looking for a partner on the redevelopment for a while now, hoping that this partner would make a $100 million contribution to the project. In November last year, the developers expressed concerns about moving forward amid a slowing luxury market.
Armed with the City Council’s approval in December, it seemed like the project would soon get on track, but the conversion of this massive industrial space never got underway.
Last month, rumors were doing the rounds that Brookfield Property Partners were in talks to partner up with Westbrook and Atlas, but now as it turns out, Brookfield was one of the developers bidding on the entire site, according to the Post. Other developers bidding on the site included Vornado Realty Trust, and RXR.
With all the city approvals in place, it seems unlikely that Oxford Properties Group would want to alter the proposal, but we won’t know for certain for a little bit. As plans stand right now, the three-block site is to be converted into 1,586 apartments, offices, a hotel, and 400,000 square feet of retail.