The Trials and Tribulations of NYC Residential Development Projects

The Trials and Tribulations of NYC Residential Development Projects

From projects that have been halted to those that have received important green lights toward continuation, here are some updates on developments taking place in the area.

Greenpoint Waterfront Lot to Gain New Towers

Developer Halcyon Management is current working on plans to construct a 33-story, 532-apartment building located on the Greenpoint waterfront. According to sources close to the project, the developer has plans to work toward the creation of a megaproject on the waterfront site.

At 33 stories, this particular project would be among the tallest new buildings on the waterfront. The project reportedly includes 222 affordable apartments, 89 of which are proposed to be affordable to low-income households and 132 of which are for middle-income households. Plans also call for a pedestrian walkway to extend from West Street towards the East River along with an esplanade or waterfront park along the length of the development site.

Historic Tribeca Clock Will Not Be Converted

A panel of judges recently upheld a decision that will prevent developers Peebles Corporation and Elad Group from converting a historic clock in Tribeca. Located at 346 Broadway, the mechanical clock was at risk of being converted into a triplex penthouse. Thanks to the efforts of a group of preservationists, which included the Historic Districts Council and Tribeca Trust, the clock will not be converted. To prevent the conversion, the group filed a lawsuit in 2015 to prevent the conversion despite the fact that the Landmarks Preservation Commission had approved the plans.

The interior of the clock was previously designated as an interior landmark, but plans to convert the clock would have restricted public access to the site. As such, the court ruling could set a new precedent that would make it easier for the city to landmark the interior of a building and then enforce the requirement that the interior remain accessible. As the rule currently stands, there are no guidelines regarding how often a landmark must be open. As such, they range from being open daily to being open just once every few years.

Qunicy Center Station Development Moving Forward

While the Tribeca clock development project has ran into some issues, the Quincy Center Station development has taken another step toward becoming a reality. Just last month, the MBTA board voted to approve the plan to put as many as 602 apartments on top of and around the Quincy Center Station as part of one of the biggest transit-related developments in the area.

The plan, which was initiated by Atlantic Development and Bozzuto Development Co., will include the development of office and retail space as well as upgrades to the station. These upgrades will include constructing a new bus terminal while also restoring more than 600 parking spaces.

The proposal calls for completing the project in three phases. The first phase calls for upgrading the new bus terminal and constructing the first 300 apartments. This phase is expected to be completed by 2023, with the rest being completed by 2031. Before the project can officially begin, however, it needs to get approval from Quincy officials.