The City Council has voted to approve the $100 million sale of Pier 40’s air rights to a consortium of developers who seek to remake the adjacent St. John’s Terminal into a large-scale mixed-use project with up to 1,500 apartments. Today’s vote gave the developers the go-ahead.
A City Council subcommittee has voted to approve the $10M sale of Pier 40’s air rights to a consortium of developers who seek to remake the adjacent St. John’s Terminal Building into a mixed-use haven of megaproject proportions.
The city’s Landmarks Preservation Commission indicated Thursday that it would introduce a new South Village Historic District next month, which is more likely to prompt local community groups and the councilman to get on board with the project.
Developers Atlas Capital Group and Westbrook Partners are offering $100 million for the rights, and that money will be used by the Hudson River Park Trust, the organization overseeing the management of Hudson River Park to carry out repairs.
After concerns from West Village residents and the City Planning Commission, the developers behind the ambitious St. John's Terminal redevelopment have nixed plans for big-box retail and overhead park space.
The meeting organized on Wednesday was simply a chance for people to testify. The City Planning Commission will now review these materials and then vote on the project at a public meeting later on. The City Council will then have the final say.