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The retail portion of the major mixed-use project planned by The World-Wide Group and the New York City Educational Construction Fund for the west side of Second Avenue between 56th and 57th Streets has been reduced by about 10,000 square feet to 38,000 square feet, according to an article today by Barbara Thau at therealdeal.com.
In addition, the article continued, the amount of excavation has been reduced by 30 feet through the redesign of the entire retail space and space for two schools in the project, which will also include a tower with 350 apartments.
The developer and the city cut a ribbon at the site of the $500 million project this morning and said that the cuts will reduce the project's budget by about $100 million.
Julia Hodgson, director of development for World-Wide, told therealdeal.com that "we reduced the cost of construction of phase one by $80 million."
Phase One will include the construction of 38,000 feet of retail space for Whole Foods, which is scheduled to open in Dec. 2012, according to the article, and "also includes the new PS 59, which will be expanded to accommodate 730 students, versus the 400 the old school could hold, as well as the new 1,400-student public High School of Art and Design."
"The two new schools will occupy approximately 360,000 square feet, and each will be significantly larger than their prior homes, World-Wide executives said. The two schools, slated to open in Sept. 2012, will feature expansive open spaces for recreational activities. PS 59 will boast a 7,000-square-foot outdoor play area on the sixth floor. Art and Design will include a 4,700-square-foot play area on the 11h floor," the article said.
Phase two is scheduled to begin in the fall of 2012 and will include an additional 78,000 square feet of retail space and 350 apartments, but the article indicated that World-Wide has made no decision yet on whether the apartments will be condominiums or rentals.
The old PS 59 at 250 East 57th Street was demolished in the fall of 2009. Students have been housed in an interim home at 250 East 63rd Street. Meanwhile, Art and Design will remain in its existing building at 1075 Second Avenue for the duration of construction.
"The partnership between ECF and the World-Wide Group, ECF's largest ever, is a model for how the public and private sectors can work together to help our communities," New York City Schools Chancellor Joel Klein said in a statement.
The dramatically shaped apartment tower has been designed by Skidmore, Owings & Merrill.
In addition, the article continued, the amount of excavation has been reduced by 30 feet through the redesign of the entire retail space and space for two schools in the project, which will also include a tower with 350 apartments.
The developer and the city cut a ribbon at the site of the $500 million project this morning and said that the cuts will reduce the project's budget by about $100 million.
Julia Hodgson, director of development for World-Wide, told therealdeal.com that "we reduced the cost of construction of phase one by $80 million."
Phase One will include the construction of 38,000 feet of retail space for Whole Foods, which is scheduled to open in Dec. 2012, according to the article, and "also includes the new PS 59, which will be expanded to accommodate 730 students, versus the 400 the old school could hold, as well as the new 1,400-student public High School of Art and Design."
"The two new schools will occupy approximately 360,000 square feet, and each will be significantly larger than their prior homes, World-Wide executives said. The two schools, slated to open in Sept. 2012, will feature expansive open spaces for recreational activities. PS 59 will boast a 7,000-square-foot outdoor play area on the sixth floor. Art and Design will include a 4,700-square-foot play area on the 11h floor," the article said.
Phase two is scheduled to begin in the fall of 2012 and will include an additional 78,000 square feet of retail space and 350 apartments, but the article indicated that World-Wide has made no decision yet on whether the apartments will be condominiums or rentals.
The old PS 59 at 250 East 57th Street was demolished in the fall of 2009. Students have been housed in an interim home at 250 East 63rd Street. Meanwhile, Art and Design will remain in its existing building at 1075 Second Avenue for the duration of construction.
"The partnership between ECF and the World-Wide Group, ECF's largest ever, is a model for how the public and private sectors can work together to help our communities," New York City Schools Chancellor Joel Klein said in a statement.
The dramatically shaped apartment tower has been designed by Skidmore, Owings & Merrill.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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