The city wants to permit the owners of 20 buildings along Water Street in Lower Manhattan to fill their 100,000 square feet of arcades—whose creation along with their 225,000 square feet of plazas gave them more than 2.5 million square feet of bonus development space—with retail.
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"These issues, together, make the arcades unattractive for pedestrian use and do not contribute to improving pedestrian circulation along the street. Furthermore, by causing the building ground floors to be set back from the sidewalk, ground floor uses have limited visibility and fail to engage passersby, thereby affecting the vitality of these commercial spaces and causing many of the ground floors to be used for unengaging lobby uses instead."
In a June 9, 2016 article in The New York Post, Steve Cuozzo wrote that "Downtown Manhattan faces a critical turning point: the City Council can vote to make the district's eastern slice as vibrant and appealing as the rest of the resurgent area. Or, it can condemn Water Street to a permanent blight of glooming, near-empty 'plazas' and arcades. The City Planning Commission, the Economic Development Corporation and the Downtown Alliance want to liberate the area from antiquated, widely discredited zoning rules. They've proposed a zoning change to allow landlords to replace dark and little-used arcade with rent-paying storefronts built out closer to the streets."
The City Council is expected to vote on the proposal June 21.
"Located south of the South Street Seaport and east of the Financial Center, Water Street once marked the eastern edge of Lower Manhattan and was lined with piers that made it a center of New York's maritime activity. The street was widened in the 1950s to relieve congestion caused by the opening of the Hugh L. Carey Tunnel (formerly the Brooklyn Battery Tunnel), and the Lower Manhattan Plan (1966) established Water Street as an important arterial street carrying north-sough vehicle and truck traffic....Many of the buildings that are located within the text amendment's boundaries were constructed between 1965 and 1987, and were generally facilitated by special permits and variances granted by the City Planning Commission and the Board of Standards and Appeals, and as-of-right floor area bonuses generated by arcades and plazas. These high density commercial buildings range in heights from 20 to 53 stories, mostly without setback, and contain floor area ratios between 15 and 21.6."
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