• Preserves Pier 40 for Recreational & Community Use
    • Critical infrastructure repairs to Pier 40’s supporting piles at no cost to New York City or New York State, will help rescue the pier, allowing the Hudson River Park Trust (HRPT) to ensure public safety and continue serving the public through its popular ball fields, and generate some of the revenue needed to keep other parts of Hudson River Park clean, safe and beautiful.
  • Creation of Affordable Housing for Seniors and Families
    • 30% of all residential units will be permanently affordable housing
  • Economic Development and Job Creation
    • Estimated 1,800 new construction jobs to be created; 1,500 permanent full and part‐time jobs
    • Estimated $126 million of new tax revenue to New York City and the State of New York during construction; $21.8 million in annual taxes during operation
  • Creates Vibrant New Community
    • Removes forbidding overpass at Houston Street, bringing in more light and air from the waterfront
    • Transforms outmoded site into vibrant development with world-class architecture, retail, residential community, and improved access to West Street
    • Maximizes light and air to view corridors, and revitalizes the streetscape
    • Construction will meet highest resiliency standards

ESTIMATED TIMELINE

550 Washington Street

  • Aim to complete the public review process by December 2016.
  • Upon receiving Uniform Land Use Review Procedure (ULURP) approval, and a vote by HRPT’s board, break ground thereafter.
  • Construction is expected to occur in 3 phases, with each phase lasting 2 to 3 years.