Work is set to resume at 550 West 21st Street, the site of a 20-story residential building in West Chelsea, Manhattan. Developed by Legion Investment Group, the structure will yield 75 condominium units. According to the Real Deal, the developer acquired the stalled property for $87 million last year and can build a mixed-use project measuring up to 172,000 square feet. The nearly 0.5-acre project site is located at the corner of West 21st Street and the Hudson River Greenway.
Construction equipment, new trailers, and bundles of materials have arrived on site as crews prepare to form the first story. Casco Development had completed the ground-floor slab for a planned 20-story condominium building, but the project went into bankruptcy. YIMBY expects construction to begin rising for the new building in the coming weeks.
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
No finalized renderings have been revealed for the building apart from the below diagram from the construction board. The design features an L-shaped massing with numerous stepped cutouts above a multi-story podium.
Photo by Michael Young
The previous developer acquired the property for $50 million in 2014 and planned to construct a nearly 200,000-square-foot building with a projected $539 million sellout. The project fell into bankruptcy last summer with a debt of $527 million.
Deutsche Bank provided Legion with $56 million in financing for last year’s acquisition. The developer hopes to add another 11,000 square feet to the scope in exchange for a $7.8 million donation to the West Chelsea Affordable Housing Fund. Corcoran Sunshine Marketing Group has been contracted to sell and market the upcoming development.
The nearest subways from the property are the C and E trains at the 23rd Street station on Eighth Avenue.
550 West 21st Street’s anticipated completion date is slated for July 2027, as noted on site. An architect has yet to be announced.
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Finally. Can’t wait to see this get built for real this time!
Should be a 120 stories.
so that people east of this tower can’t see the river?
Why stop there? Make it 1000
nice
That sketch pic looks awfully uninspiring.
Rethink the design please