Trio of choices for Pier 57 renewal

Real Estate Weekly, Nov 26, 2008

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Historic Pier 57 could soon become a hub of recreational, cultural, entertainment and waterborne activities, according to development proposals received by the Hudson River Park Trust (the Trust), the not-for-profit entity responsible for the design, construction, maintenance and operation of the 550-acre Hudson River Park.

A food market rivaling that found at San Francisco's Ferry Terminal and Seattle's Pike's Place, plentiful public open space, a new home for the Children's Museum of Manhattan, river education centers, boats of all kinds, films by Sundance or the Tribeca Film Festival, art galleries and an auction house/culture center, are all among the possible development concepts for Hudson River Park's Pier 57, a National Historic Registry structure containing approximately 375,000 square feet of buildable waterfront space plus rooftop area.

"We are extremely pleased that three top development teams, all of whom have built well received projects in the past, submitted proposals for the opportunity to redevelop Pier 57," said Diana Taylor, chair of the Hudson River Park Trust. "Revenue from Pier 57 will play a crucial role in the maintenance for this Park for decades to come, so it is important that the board review these proposals carefully and select the right match for our needs." Ms. Taylor added.

"Clearly these developers put a tremendous amount of effort into coming up with exciting visions for what Pier 57 can become," said Connie Fishman, president of the Trust. "Although there is still much information to review, the idea of Pier 57 becoming a major hub for Hudson River Park is certainly appealing."

On October 17, 2008, the Trust accepted proposals for the development of Pier 57 in response to a Request for Proposals (RFP) issued on June 30, 2008. Proposals were received from the following teams: The Durst Organization and C&K Properties; Related Companies; and Youngwoo & Associates LLC.

The proposals can be viewed by the public at: http://www. hudsonriverpark.org/construction/pier57_dev.asp.

Visitors to the site can review copies of the project description, information on the development teams and color renderings of each of the proposals.

Located on the Hudson River at 15th Street, Pier 57 is at the western end of Manhattan's Meat Packing District, considered one of the city's most sought after neighborhoods. The Meat Packing District has seen an explosion of luxury retail and high-end restaurants, clubs, hotels, galleries and residential development over the last seven years, making Pier 57 all ideal site for commercial development.

In the coming months, the Trust will review the proposals.