Last week, the City Council approved plans for Atlas Capital Group and Westbrook Partners to acquire $100 million worth of air rights from Pier 40, overseen by the Hudson River Park Trust, to develop a 1,586-unit mixed-use complex at 550 Washington Street, in Hudson Square. The project is set to include five towers, the New York Times reported, although their height was not disclosed. Thirty percent of the units, or 475 apartments, will rent at below-market rates through the housing lottery. One of the residential towers will be geared towards “older tenants.” There would also be retail space and a 15,000-square-foot recreation center.
The project, to be built in multiple phases, will move forward pending market demand. COOKFOX Architects is responsible for the architecture. The site’s existing four-story, 1.3-million-square-foot building could be utilized as commercial space in the short term.
The sports facility and parking garage on Pier 40 are slated to receive much-needed repairs once the deal goes through. The city will contribute $14.1 million for Pier 40’s upgrades. The Hudson River Park Trust is also planning to build some form of commercial building on the pier, although the scope of that plan is not known.