Howard Hughes Corp. is expanding its presence in New York City’s historic downtown seaport with a promise to revitalise the South Street Seaport Museum.
The City of New York has approved the $850M development plans at 250 Water Street, the linchpin of which will be a mixed-use building spanning 26-storeys bringing together affordable housing with market-rate-for-sale units, as well as office, retail and community psace.
Most significantly for the city, $40M of the project’s $850M price tag will fund the South Street Seaport Museum. Opened in 1967, the museum is dedicated to New York’s centuries-long maritime heritage and funding for its rehabilitation will also include $10M from New York City.
New York City Council Member Margaret Chin, said: “The 250 Water Street project will not only transform an outdate parking lot into high-quality mixed-income housing, it will also provide a critical lifeline to one of my district’s – and our city’s- most treasured cultural institutions, the South Street Seaport Museum.”
