A spokesman for General Growth Properties indicated in an article by Julie Shapiro in today's edition of downtownexpress.com that its plan, announced before it filed for bankruptcy, to demolish most of the South Street Seaport and redevelop it with new facilities including a 500-foot-high, mixed-use tower might still be alive.
As part of its bankruptcy based a reorganization plan based on a $6.55 billion investment from Brookfield Asset Management, Pershing Square Capital Management and Fairholme Capital Management, the company plans to split into two entities, one which would retain its shopping malls, and the other, General Growth Opportunities, would take over projects with "development potential," according to the article.
Jim Graham, the corporate spokesman, told downtownexpress.com that the Seaport is "an unusual property because of its location and the visitor experience there," adding that "it has such potential -what we've been talking abut the last couple uyears." "Presumably," he continued, "the new company will continue to pursue the highest, best use of that property, which we felt was the proposal we put out."
Its plans had called for the razing of the mall building at Pier 17, the relocation of the tin building that formerly housed the fish market, and the building of a 500-foot-high hotel and residential condominium tower designed by SHoP Architects.
Last November, however, the Landmarks Preservation Commission opposed the relocation of the Tin Building and the design of some new retail buildings but did not formally vote on the project. "The development proposed divided Community Board 1," the article noted, "with many members opposing the height of the tower, which is outside of the South Street Seaport Historic District and is not under the L.P.C.'s purview. C.B. 1 ultimately supported the parts of the project within the historic district, but the board reserved the right to object to the plans later during the land-use review."
In its discussions with the community board, General Growth had indicated it would consider including a school in the project.
As part of its bankruptcy based a reorganization plan based on a $6.55 billion investment from Brookfield Asset Management, Pershing Square Capital Management and Fairholme Capital Management, the company plans to split into two entities, one which would retain its shopping malls, and the other, General Growth Opportunities, would take over projects with "development potential," according to the article.
Jim Graham, the corporate spokesman, told downtownexpress.com that the Seaport is "an unusual property because of its location and the visitor experience there," adding that "it has such potential -what we've been talking abut the last couple uyears." "Presumably," he continued, "the new company will continue to pursue the highest, best use of that property, which we felt was the proposal we put out."
Its plans had called for the razing of the mall building at Pier 17, the relocation of the tin building that formerly housed the fish market, and the building of a 500-foot-high hotel and residential condominium tower designed by SHoP Architects.
Last November, however, the Landmarks Preservation Commission opposed the relocation of the Tin Building and the design of some new retail buildings but did not formally vote on the project. "The development proposed divided Community Board 1," the article noted, "with many members opposing the height of the tower, which is outside of the South Street Seaport Historic District and is not under the L.P.C.'s purview. C.B. 1 ultimately supported the parts of the project within the historic district, but the board reserved the right to object to the plans later during the land-use review."
In its discussions with the community board, General Growth had indicated it would consider including a school in the project.
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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