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  #1  
Old Posted Jun 12, 2018, 12:39 PM
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Smile NEW YORK | 250 Water Street | FT | FLOORS

Howard Hughes buys Milstein’s Seaport site for $180M



Quote:
The Milstein family has ended a decades-long plan to develop one of the South Street Seaport’s largest vacant lots.

Milstein Properties, which has owned the site at 250 Water Street for nearly 40 years and faced downzoning and litigation in its repeated development efforts, sold it to Howard Hughes Corporation for $180 million, the Dallas-based developer confirmed to The Real Deal.

The one-acre site, currently a parking lot, offers nearly 290,000 buildable square feet, property records show. The property also has the addresses of 304-312 Pearl Street, 2-8 Peck Slip and 116 Beekman Street.

The deal, which pencils out to a little over $620 per square foot, consists of a $53 million initial payment and a mortgage for the balance. The financing has an initial interest-free term of six months, with three six-month extension options at a rate of 6 percent annually, Howard Hughes said. The second and third extension options each require a $30 million paydown.

Howard Hughes said it has not yet decided its plans for the site. The deal was reported earlier Monday evening by the New York Post.
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  #2  
Old Posted Jun 23, 2018, 3:33 AM
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Milstein lends $130M on Seaport site it long owned

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Milstein Properties is having separation anxiety in South Street Seaport.

The company changed its role at 250 Water Street, a one-acre parking lot and development site that it owned for nearly four decades. The company, which sold the site earlier this month, has gone from owner to lender, originating a $129.7 million loan for Howard Hughes Corporation’s acquisition of the property, according to documents filed with the city on Friday.

The property was sold free of debt, property records show. The site, which offers nearly 290,000 buildable square feet, changed hands in a $182.7 million deal. Its alternate addresses are 304-312 Pearl Street, 2-8 Peck Slip and 116 Beekman Street.

When the sale was announced earlier this month, Howard Hughes disclosed that the deal would include a $53 million initial payment and a mortgage of an unspecified amount. The loan will also have an initial interest-free term of six months followed by three six-month extension options at a 6 percent annual rate.
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  #3  
Old Posted Jun 23, 2018, 3:56 AM
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Howard Hughes hasn't been as successful with residential plans in the district, but we'll see what they go for here. Perhaps they could transfer some development rights to the site. I posted this in the 80 South St thread, but who knows what plans are afoot...



Quote:
https://therealdeal.com/2018/04/25/h...treet-seaport/

Howard Hughes eyes 600K sf of air rights at South Street Seaport
Developer’s plans for the New Market Building are unclear


By Kathryn Brenzel
April 25, 2018

Quote:
The Howard Hughes Corporation is eyeing more than 600,000 square feet of air rights that could become available in the South Street Seaport. The question is: What will the company do with them?

In its latest annual review, the Dallas-based firm notes that some 212,000 square feet of air rights could be freed up from the New Market building, a now-vacant structure already pegged for demolition. Those rights could be combined with another 415,000 square feet of air rights from Pier 17 and the Tin Building, two of HHC’s redevelopment projects that are already well underway. HHC, according to the review, is working with the city to figure out what to do with the unused development rights.







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Old Posted Jun 24, 2018, 9:30 PM
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http://www.downtownexpress.com/2018/...k-slip-school/

Howard huge: Locals fear new Seaport tower after Howard Hughes Corp. buys lot across from Peck Slip School





June 14, 2018
BY COLIN MIXSON


Quote:
The Howard Hughes Corporation has purchased an acre of undeveloped asphalt across the street from Peck Slip School, horrifying local preservationists, who are already manning the barricades in anticipation of another protracted fight against an oversized development.

“Howard Hughes is now going to wade in on a controversy that has angered the community for 25 years, just when they were trying to make peace with the community,” said Michael Kramer, a volunteer on the steering committee for Save Our Seaport. “We are working on various strategies to protect this historic district.”

Howard Hughes purchased the site at 250 Water St. that’s currently being used as a parking lot by owner Peck Slip Associates — which is controlled by the Milstein family — for $180 million dollars, adding the property to a portfolio that includes the Seaport’s Tin Building and the soon-to-open shopping and entertainment center at Pier 17, in addition to a stake in the Mr. C Hotel on Peck Slip, the developer confirmed.
Quote:
The new owner hasn’t shared its plans for the site yet, but Howard Hughes may be looking to transfer air rights left over from its other Seaport properties, which — if the developer exercises its option for the city-owned New Market building — could balloon up to 627,000 square feet, according to its annual report from 2017.

If that is the plan, however, Howard Hughes would still have to undergo a public review process culminating in a City Council vote to get a zoning text change on the site, in addition to other permits needed to exceed the permitted building height, according to Diana Switaj, Director of Planning and Land Use at Community Board 1.

CB1 members are anticipating a large project at the site, given the developer’s record, and the board will definitely weigh in on the repercussions of construction there when Howard Hughes eventually unveils its plans, according to the group’s leader.

“Obviously people have the experience of a high rise, or very tall buildings being proposed at the Seaport, and now you’d be concerned they’re going to do the same thing here,” said CB1 chairman Anthony Notaro. “It could effect the school, streets, sanitation, traffic, depending on the size, it could have a big impact.”
Quote:
Taking an adversarial role to the development will only hurt the community, which should look to work with Howard Hughes in order to ensure that whatever construction occurs there includes benefits for the neighborhood, according to one local real estate guru, who said the developer might be persuaded to include a school, grocery store, library, or other community amenities on the space.

“I think the majority of people actually welcome something on this site, especially if the neighborhood gets something in return,” said Luis Vazquez, a real estate broker and author of the Fidi Fan Page. “There are a lot of things the community needs that can be included in this building.”
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  #5  
Old Posted Jun 24, 2018, 10:36 PM
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Its expected, the resistance. When I read about this assemblage, I'm like o boy! Anything within or near the seaport really riles up the NIMBY resistance. I'd say this neighborhood is even more feverish than the resistance on the UWS.
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  #6  
Old Posted Jul 16, 2018, 12:52 AM
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Skyscraper SWAT team in action...


http://www.downtownexpress.com/2018/...s-seaport-lot/

Preservationists plan strategy after developer buys Seaport lot





July 11, 2018
BY JANEL BLADOW


Quote:
Just days after the announcement that Howard Hughes Corporation was buying the block-size parking lot across from Peck Slip School, the South Street Seaport community rallied to voice its concern. More than 100 people turned up for an impromptu meeting of Save Our Seaport that convened on June 27.

The overwhelming concern was renewed fear that the developer will again try to build a supertall skyscraper to loom over a community where most buildings are just four, five or six stories high.

But HHC’s plans are, as always, a mystery.

“’We don’t know what’s coming next’ is the only answer I can give you now,” said David Sheldon, a SOS steering committee member, who chaired the meeting.

Community Board 1 has requested a marketing plan for the 250 Water St. lot and other sites that HHC own in the Seaport area, but board members are not optimistic that the notoriously secretive developer will be any more forthcoming about its plans now than in the past.

“We’ve been trying to get that from Howard Hughes Corporation since I had a full head of hair,” said Paul Goldstein, co-chairman of CB1 Waterfront and Parks Committee.

Given the price HHC paid for the lot, however, many suspect that building a supertall residential tower would be the only way the developer could make the investment pay off.
Quote:
HHC may try to transfer the air rights from its other Seaport properties, which combined would allow for a 70-story tower or two 35-story buildings at the Water Street site.

The meeting was held in the community room of the Southbridge Towers complex and most of the people there were residents there, whose views of the Seaport, Brooklyn Bridge and East River could be blocked by a high rise on the one-acre lot bordered by Peck Slip and Pearl, Beekman and Water Streets.
Quote:
Over the nearly four decades when the lot was under Milstein control, nine building projects have been proposed and defeated by community opposition.

Following the last battle in 2003, the area was rezoned to a historic district, with new construction capped at 120 feet or 12 stories, and locals are determined to hold the line.

“We fought hard for that zoning,” Sheldon said. “We shouldn’t have to give it back.”

To erect a structure any taller than the zoning allows, the developer would need to seek special permission through a process that the community board can influence.

“That’s where CB1 comes in,” said Goldstein, adding that Saul Scherl, who oversees HHC’s Seaport developments, is scheduled to speak at the next CB1 executive meeting in July.

Kramer said that if HHC plans a project within the zoning limits — say, two 10-story buildings — it would possibly take up to a year to design and two years to build, but anything larger would take considerably longer due to the approval process.

“If they want to go taller, there are more challenges,” he said. “Worst case would be it could be built in four to five years.”

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  #7  
Old Posted Jul 16, 2018, 9:40 PM
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Why does every preservationist aka NIMBY meeting look like a AARP conference?

This part of Manhattan is NIMBY central.
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Old Posted Jul 16, 2018, 11:24 PM
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Originally Posted by chris08876 View Post
Why does every preservationist aka NIMBY meeting look like a AARP conference?

This part of Manhattan is NIMBY central.

Honestly, you would have wanted these folks out there in the mid-century when all the great gems were destroyed by greedy developers and philistines, like Penn, Printers Row, etc and ugly looking buildings put up instead. You woulda wanted them out there when a lot of lower manhattan was destroyed for hideous buildings like Water Street.

Last edited by aquablue; Jul 17, 2018 at 12:02 AM.
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  #9  
Old Posted Jul 17, 2018, 12:04 AM
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Originally Posted by chris08876 View Post
Why does every preservationist aka NIMBY meeting look like a AARP conference?...
It's because they schedule these meetings during the week in the middle of the day, so the only people who go are people who will complain about literally anything given the chance. That's why they go, to complain.

My dad used to be involved in city government at this level at arms length, and that's exactly what he said. It didn't matter what was on the docket, these people would just complain, nothing else mattered. Expert opinions, studies, nothing, just what they had to say. Sometimes people would show up, and complain about things that literally were not on the agenda. They were start rambling about things completely unrelated to the meeting. Community input at this level is nonsense.
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Old Posted Jul 17, 2018, 12:09 AM
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Originally Posted by yankeesfan1000 View Post
It's because they schedule these meetings during the week in the middle of the day, so the only people who go are people who will complain about literally anything given the chance. That's why they go, to complain.

My dad used to be involved in city government at this level at arms length, and that's exactly what he said. It didn't matter what was on the docket, these people would just complain, nothing else mattered. Expert opinions, studies, nothing, just what they had to say. Sometimes people would show up, and complain about things that literally were not on the agenda. They were start rambling about things completely unrelated to the meeting. Community input at this level is nonsense.
I honestly don't care about your Dad's anecdotal story. It's probably highly biased anyway given this is a skyscraper site populated by people who primarily want development first, heritage later. In my opinion, the younger generation don't give a rats ass about preservation and historic areas of cities, they wouldn't show up anyway no matter the time of day. If it weren't for these groups of folks who have seen the wanton destruction of the past first hand, there would be no voice against the developers profit-driven plans that usually disregard heritage and history. I'm not badmouthing people who actually give a crap about a city to give their time and energy to the preservation of historic areas. So good on these people for having the balls to stand up for the seaport.

I personally see no reason to build high rises next to the historic district. It's a total greed job. You don't see London building high rises in the middle of Chelsea or Westminster, do you? You build skyscrapers in the skyscraper zone and build nice modern low rises that won't overpower the historic district. USA has few enough historic areas that it's not worth messing with any more of them.

Last edited by aquablue; Jul 17, 2018 at 12:39 AM.
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  #11  
Old Posted Jul 17, 2018, 12:52 AM
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Originally Posted by aquablue View Post
I honestly don't care about your Dad's anecdotal story. It's probably highly biased anyway given this is a skyscraper site populated by people who primarily want development first, heritage later. In my opinion, the younger generation don't give a rats ass about preservation and historic areas of cities, they wouldn't show up anyway no matter the time of day. If it weren't for these groups of folks who have seen the wanton destruction of the past first hand, there would be no voice against the developers profit-driven plans that usually disregard heritage and history. I'm not badmouthing people who actually give a crap about a city to give their time and energy to the preservation of historic areas. So good on these people for having the balls to stand up for the seaport.

I personally see no reason to build high rises next to the historic district. It's a total greed job. You don't see London building high rises in the middle of Chelsea or Westminster, do you? You build skyscrapers in the skyscraper zone and build nice modern low rises that won't overpower the historic district. USA has few enough historic areas that it's not worth messing with any more of them.
That's fine, I wasn't talking to you.
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Old Posted Jul 17, 2018, 3:07 AM
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Originally Posted by aquablue View Post
I honestly don't care about your Dad's anecdotal story. It's probably highly biased anyway given this is a skyscraper site populated by people who primarily want development first, heritage later. In my opinion, the younger generation don't give a rats ass about preservation and historic areas of cities, they wouldn't show up anyway no matter the time of day. If it weren't for these groups of folks who have seen the wanton destruction of the past first hand, there would be no voice against the developers profit-driven plans that usually disregard heritage and history. I'm not badmouthing people who actually give a crap about a city to give their time and energy to the preservation of historic areas. So good on these people for having the balls to stand up for the seaport.

I personally see no reason to build high rises next to the historic district. It's a total greed job. You don't see London building high rises in the middle of Chelsea or Westminster, do you? You build skyscrapers in the skyscraper zone and build nice modern low rises that won't overpower the historic district. USA has few enough historic areas that it's not worth messing with any more of them.
WTF are you rambling about? This site is a freaking parking lot and these folks that you think are preservation minded are not even close to caring about preservation. They live in the ugly towers-in-the-park South Bridge towers. They are against height and density and losing their views.

They also fought against Gehry’s Beekmans tower and that site was also a parking lot so there was nothing to preserve.

They don’t care about preservation or architecture or anything else. If they could choose between an ugly squat Fedders brick box or a tall architectural marvel, they will choose the ugly squat building every time. Furthermore, they wouldn’t care about any nice building getting torn down unless a tall tower replaces it, then they’ll be all up-in-arms. These people are the worst type of NIMBYs.

I guess JMKeynes is right about you after all. Just a troll that’s not even from this area and just talking out of your a*ss.
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Old Posted Jul 17, 2018, 4:27 AM
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Originally Posted by antinimby View Post
WTF are you rambling about? This site is a freaking parking lot and these folks that you think are preservation minded are not even close to caring about preservation. They live in the ugly towers-in-the-park South Bridge towers. They are against height and density and losing their views.

Right. For one thing, there isn't anything to fight against, no one knows what is going to be proposed here, I'm not even sure the developer does at this point. And there isn't anything to fight for, as there is nothing there now. Unless they want to fight for the parking lot, which would be a real shame. Who fights to keep a parking lot in Manhattan? No, it's just the same sad tale of NIMBYism just for the sake of it. The knee-jerk reaction is to mobilize against everything, even before they know what it is.
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Old Posted Jul 17, 2018, 6:41 AM
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Originally Posted by antinimby View Post

I guess JMKeynes is right about you after all. Just a troll that’s not even from this area and just talking out of your a*ss.
Like I really care what you two think anyway. Just ignoring this...

Last edited by aquablue; Jul 17, 2018 at 10:41 AM.
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Old Posted Jul 21, 2018, 6:15 PM
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Originally Posted by yankeesfan1000 View Post
My dad used to be involved in city government at this level at arms length, and that's exactly what he said. It didn't matter what was on the docket, these people would just complain, nothing else mattered. Expert opinions, studies, nothing, just what they had to say. Sometimes people would show up, and complain about things that literally were not on the agenda. They were start rambling about things completely unrelated to the meeting. Community input at this level is nonsense.
Yeah makes you wonder their priorities. Its really selfish in nature. As pro-development as I am, I actually can understand some concerns in theory. Like suppose in "Y" city you have a project that will cause a lot of traffic, and lets say the community wants some sort of mitigation. I can get that, but when it comes to things like preservation of views or simply the opinion that its too large and too tall for the area, thats were it becomes selfish in nature, and not really aiding the community.

A dialog on schools or let's say improvements to the surrounding infrastructure, sure.

There can be a dialog between the community and developers, but it has to be sensible. Shadows, height, "out of scale"... are not constructive, proactive discussion to be had.

Developers interacting the with the community can be a good thing, but it can't just be the community saying no to everything. Bipartisanship in other words, but that seems like a dying concept to these NIMBYS.
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Old Posted Jul 23, 2018, 7:45 PM
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Honestly, you would have wanted these folks out there in the mid-century when all the great gems were destroyed by greedy developers and philistines, like Penn, Printers Row, etc and ugly looking buildings put up instead. You woulda wanted them out there when a lot of lower manhattan was destroyed for hideous buildings like Water Street.
I totally get it when developers want to destroy quality historic buildings, but this one is going to rise out of a parking lot. As long as it is good design it should be welcomed, but that's just me.
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Old Posted Aug 14, 2018, 12:54 AM
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http://tribecatrib.com/content/howar...riance-support

Howard Hughes Corp. Talks Possible Dealmaking to Win Variance Support









By CARL GLASSMAN
Posted Aug. 01, 2018


Quote:
Some dealmaking may be on the horizon between the Howard Hughes Corp. and community leaders over development of the company’s latest Seaport investment, 250 Water Street.

In June, Hughes Corp. bought the full-square-block parcel from Milstein Properties for $180 million. The company says it has yet to come up with plans for the site, now a parking lot bordered by Pearl, Peck Slip and Beekman. But limited by zoning to a 120-foot-tall, 290,000 square foot building, the developer is talking about possible trade-offs with the community and the city that might win them support for a taller structure.
Quote:
Scherl said the company has begun interviewing architects but “we don’t have plans to file next week, next month, for that matter probably even this year.” Proposals, he noted, will first be presented to the Seaport Advisory Group, an amalgam of community leaders, and elected and other city officials. (Previous discussions with Hughes Corp. about Seaport development took place behind closed doors with a similar body, the Seaport Working Group. It is unclear whether the public and press will be barred from observing these future talks.)
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Old Posted Dec 12, 2018, 8:12 PM
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I checked the BIN for this via the DOB, and nothing yet. No activity or any filings as of yet.

Let's hope they can get the 600k+ sqft of rights to build some nice residential here.
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Old Posted Mar 29, 2019, 4:38 PM
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https://ny.curbed.com/2019/3/28/1828...brownfield-dec

In South Street Seaport, a contaminated lot becomes a flashpoint for a neighborhood
The state received some 250 comments on Howard Hughes’ Brownfield application for the land






By Caroline Spivack
Mar 28, 2019


Quote:
After a swell of concern over plans to clean up a contaminated block-sized lot in South Street Seaport, officials are in the midst of responding to hundreds of comments before releasing a decision on whether the land is eligible for remediation through a state program.

The Howard Hughes Corporation has applied for inclusion in the state’s Brownfield Cleanup Program after discovering a stew of contaminates on 250 Water Street, including mercury, petroleum, and material used to level land that contains semi-volatile organic compounds. But the site is adjacent to the Peck Slip School, and a cobblestone street that students use as a play area separates the properties—setting off alarm bells for parents who are concerned about their children's safety.
Quote:
Mimi Raygorodetsky, who is leading the remediation with Langan for Howard Hughes, noted that the cleanup is an unusual situation.

“This site is very unique,” Raygorodetsky told locals at a recent meeting, hosted by Howard Hughes, regarding the cleanup. “There are very few schools in New York that take over a street and sidewalk that adjoins an active construction site; that is not to say that mitigation, not only monitoring, but mitigation measures [can’t] be put in place to make a cleanup safe and protective.”
Quote:
The city and state have strict rules Langan would need to follow should a Hurricane Sandy-level storm strike the city to ensure contaminates do not flood the neighborhood—this essentially involves removing equipment and any hazardous material stored on the lot and covering anything that cannot be removed.

But residents, especially those who lived through 9/11 and Sandy, are not sold on the plans and want their own independent environmental expert to monitor the site. A cadre of local groups have joined forces to form Seaport Planning and Preservation—made up of Save Our Seaport, residents of the nearby Southbridge Towers, and Children First, a group of mostly Peck Slip parents that formed in response to the cleanup—and have begun consulting environmental experts, according to Eliane Kennedy, the chair of Seaport Planning Preservation.
Quote:
A cleanup at the site is in anticipation of developing the city-block sized lot, which Howard Hughes purchased for $180 million from Milstein Properties last June. The land resides within the South Street Seaport Historic District, meaning that the building cannot exceed 12 stories. But the developer owns substantial air rights at nearby properties that could in theory be transferred to the parking lot—although it would have to go through an extensive land use process and be subject to a vote by the City Council.

Locals have pressed Howard Hughes for specifics on its plans for the parcel and fear a skyscraper looming over the historic neighborhood just as much as the environmental remediation, but the firm is staying mum on plans for the site. Scherl did note that the company aims to begin conversations on future development on the property with Manhattan Community Board 1 in the next two months.

But regardless of what rises on the property, remediation is inevitable, Scherl said.

“We’re going to develop the site, and in order to develop the site, whether it’s 12 stories, whether it’s a parking garage—it doesn’t matter. It has to be tested,” he said.
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Old Posted Jun 18, 2019, 4:27 PM
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https://rew-online.com/2019/06/howar...ort-evolution/

Howard Hughes taps SOM to guide Seaport evolution

by REW
June 14, 2019


Quote:
The Howard Hughes Corporation (HHC) has selected Skidmore, Owings & Merrill LLP (SOM) to advance a forward-looking plan for the continuing evolution of Seaport District properties.

...SOM will focus on providing a comprehensive plan for HHC’s Seaport District properties in the context of the neighborhood, with a particular focus on the surface parking lot at 250 Water Street as well as other potential improvements to the Seaport District.
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