Lower Manhattan's Burst of Development

Lower Manhattan is planning on massive growth within the next few years, with more than 70 construction projects underway.  The most well-known project, The World Trade Center complex is set to widen the area as a public transportation terminal, with the completion of the Fulton Center, which despite stalls is slated to open in July, and will contain a retail space above the subway lines.  This would complement the reopening of the newer South Ferry Station, which still requires renovations consequent of Hurricane Sandy, as well as the new One World Trade Center, which would expand the current PATH station.  The new complex will also house the 9/11 Memorial Museum.

The South Street Seaport, which saw a sharp decrease in business, and subsequent vacancies, as a result of Hurricane Sandy, is set to reopen with some minor changes, such as the relocation of the historic Tin Building, which required renovations.  This would be in addition to the revamped retail center.  The Howard Hughes Corporation, which owns Pier 17, is also set on the construction of a new residential tower, which despite initial resistance from the community, has invited the formation of a “Seaport Working Group” to open involvement and take suggestions.  Another waterfront location, Battery Park’s Pier A, though unutilized in past years, is set to reopen in the middle of the year as a restaurant and event hall, while still maintaining its historic build.  Governors Island, too, is planning some changes over the next couple of years, providing for extensive landscaping, and will, among other things, include a hammock grove.

Lower Manhattan’s skyward expansion will be seen in the 24 new apartment constructions, which would add 3,100 units, which are collectively expected to finish by 2017.  Tribeca’s 56 Leonard Street which has grabbed attention for its Jenga-like form, is expected to continue construction uninterrupted, despite previous holds.  The condominium building has already proven popular with eager residents, having most of its units signed.  The residential’s extensive list of amenities include yoga studios, catering kitchen, dining salon, and theater.  Another residence of note is 50 West Street, a Helmut Jahn-designed tower with a distinctive form, and a waterfront view.

14 hotels are also underway, growing with the increase in infrastructure, and complementing the newer tourist attractions with 2,137 new rooms.  This is particularly significant given that below Chambers Street, there are currently 18 hotels.  The historic Temple Court Building at 5 Beekman Street, with its notable atrium, will be one such addition.