Huge fitness facility with affordable apartments – Business News
Lower Manhattan’s most closely-watched, once-stalled development website is “fit” to rise.
Chelsea Piers Fitness will launch a five-story, 76,000-square-foot health and wellness facility at 250 Water St., the one-acre empty lot that developer Tavros purchased from Seaport Entertainment Group final yr, The Post has discovered.
The lease is the primary of any sort for the bold project, which is scheduled to interrupt ground subsequent winter. It will boast 600 apartments, 25% of that are earmarked as “affordable,” in addition to business makes use of and ample public outside space.
Rendering of the 250 Water St. development’s decrease flooring. The project is scheduled to interrupt ground subsequent winter. SOM/Fogarty Finger
Atlantic Retail will deal with leasing for 35,000 sq. ft of ground-floor, high-ceiling store space.
The deliberate development will eradicate what has long been a blight on Downtown’s East River facet.
Tavros and Atlas Capital purchased the land for $150 million in July. Howard Hughes Corp., which owned the adjoining Seaport, additionally owned 250 Water St. for years. It was stymied attempting to construct something as a number of lawsuits — primarily instigated by native residents who didn’t need to lose their views — bogged issues down.
HHC in the end prevailed in court docket and employed SOM to design the project’s facade and massing plan. But SEG, which was spun off from HHC in 2024, determined to sell the ground, as an alternative. Pershing Square Capital head Bill Ackman is a massive shareholder in each HHC and SEG however the corporations say he has no energetic function in decision-making.
Tavros intends to make use of the essential SOM plan however has additionally tapped the Fogarty Finger firm to be the design architect and architect of report.
The project will boast 600 apartments, 25% of which, are earmarked as “affordable,” in addition to business makes use of and ample public outside space. SOM/Fogarty Finger
Tavros associate Colin Rankowitz mentioned the Chelsea Piers signing fulfills the developer’s “vision to deliver a complete neighborhood asset” with a “best-in-class fitness community destination.”’
Chelsea Piers Fitness CEO and co-founder David Tewksbury mentioned the “expansive” new location “will be full of light” with “beautiful indoor and outdoors spaces.” Above, Chelsea Piers alongside the west facet of Manhattan. Chelsea Piers
Chelsea Piers Fitness CEO and co-founder David Tewksbury mentioned the “expansive” new location “will be full of light,” with “beautiful indoor and outdoors spaces as well as a new home for our best-in-class fitness programming.”
Privately owned Tavros is the development associate with Charney Companies in a 55-story apartment tower in Long Island City and the five-building Gowanus Wharf campus in Brooklyn. It’s additionally behind 50 Ninth Avenue within the Meatpacking District, home to Rolls-Royce’s luxurious showroom.
