The Howard Hughes Corporation Receives Approval of South Street Seaport Redevelopment from New York
The Howard Hughes Corporation Receives Approval of South Street Seaport Redevelopment from New York City Council
Revitalized Pier 17 Will Feature New Architecture, Upscale Retail, Spectacular Views with More Open Space, Outdoor Entertainment Venues and Dynamic Food Market
NEW YORK--(BUSINESS WIRE)-- The Howard Hughes Corporation (NYS: HHC) received unanimous approval from the New York City Council for the company's Uniform Land Use Review Procedure (ULURP) for a redeveloped South Street Seaport.
Exterior of Pier 17 Building (Photo: Business Wire)
"Our vision for a revitalized South Street Seaport has taken an important step forward today," said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. "I am particularly pleased because the redevelopment will have a catalytic effect on Lower Manhattan and help the area continue to recover from the impact of Hurricane Sandy. I would like to personally thank the Mayor, Council Speaker Quinn, Council Member Chin and all of the government and community leaders who have worked toward moving this critical project forward for New York City."
Recognizing the impact of Hurricane Sandy on the South Street Seaport neighborhood, NYCEDC and The Howard Hughes Corporation have agreed to delay construction until after Labor Day to support the Seaport district in regaining its vitality over the upcoming summer season. Additionally, The Howard Hughes Corporation is planning exciting improvements at the Seaport for the summer season and has committed to making a significant contribution to the Seaport Museum over the coming months.
"We have postponed construction to ensure the entire South Street Seaport district can enjoy the traditionally busy summer as part of everyone's recovery from Hurricane Sandy," said Chris Curry, Senior Executive Vice President of Development of The Howard Hughes Corporation. "We look forward to a successful season and our ongoing work with the city to create a vibrant and exciting South Street Seaport for Lower Manhattan."
"Today's City Council votes to approve the redevelopment of the South Street Seaport are an important step for the future of this dynamic project, ensuring that it will continue to move forward," said Kyle Kimball, Executive Director of the New York City Economic Development Corporation. "Funded through more than $200 million in private investment, not only will this project create enhanced shopping, dining and entertainment options as well as a new food market and open space to better connect the Seaport to the local community, it will also create hundreds of jobs and revitalize the Seaport for New Yorkers and visitors alike. I would like to thank Council Speaker Christine Quinn, Councilmember Margaret Chin and The Howard Hughes Corporation for their hard work and dedication, and I look forward to construction of this transformative project, beginning this fall."
The proposed building features the complete transformation of Pier 17, including a vibrant, open rooftop with 40% more open space than exists today and a glass façade encompassing dynamic retail space filled with destination stores, restaurants and neighborhood shops. Larger open spaces on the pier level along with the new rooftop space - ideal for concerts, music and other entertainment events - will showcase breathtaking views of the city skyline, East River and Brooklyn Bridge. The contemporary design also draws from the site's history as a bustling marketplace and renowned maritime port with the goal to create an unmatched New York destination that is compelling to residents, local workers and tourists.
The Howard Hughes Corporation has agreed to incorporate a locally and regionally sourced food market at the South Street Seaport by October 2014 as part of the redevelopment. The food market will be open to the public seven days a week.
Community Based Organizations will be given complimentary access to the rooftop for events on select dates throughout the year.
The redevelopment will have a substantial economic impact to the City, including increased sales taxes and new employment. Construction will begin this fall, and the project will be completed in 2015.
About South Street Seaport
South Street Seaport is comprised of historic buildings and a pavilion shopping mall located at Pier 17 on the East River in Lower Manhattan. The property includes approximately 300,000 square feet of retail space. Cobblestone streets, gas lamps, sailing ships and a museum make the South Street Seaport one of the most memorable experiences in New York City. Recently, Travel +Leisure named the Seaport as the 26th most visited tourist attraction in the world, tied with China's Great Wall and ahead of Paris' Louvre Museum.
About The Howard Hughes Corporation
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 18 states from New York to Hawaii. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC and is headquartered in Dallas, TX. For additional information about HHC, visit www.howardhughes.com.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "expect," "enables," "realize", "plan," "intend," "transform" and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations, estimates, assumptions and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation's filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
KEYWORDS: United States North America New York
The article The Howard Hughes Corporation Receives Approval of South Street Seaport Redevelopment from New York City Council originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.