Reply With QuoteI walked by this site today and it was very busy, with lots of cement being poured in the foundations. Should start to rise soon.
I think a double tower residential / hotel is most likely. Silverstein toyed with a convention center hotel and he would beat all the Far West Side planners to the punch (with a hotel in walking distance and on a main ave with good transportation.)
I walked by this site today and it was very busy, with lots of cement being poured in the foundations. Should start to rise soon.
i dont think silverstein was ever seriously considering a hotel. i think the state just assumed they could put one there, as part of their javits plan, without speaking to silverstein first. what kinda made the plan less attractive to the state was that the bus depot was in between javits and the silverstein lot, and the MTA wasnt going to let go of the depot. the state wanted a hotel where people didnt have to go outside to get into javits.Originally Posted by BrooklynRider
for now, its supposed to be all residential, and every time i read about the apartment count, it grows. last article said 1340. its at least 1200 apartments though.
Last edited by alibrot; August 15th, 2007 at 03:51 AM.
^ Those figures have changed again.
$700M Funds II River Place Construction
By Melissa Kress
August 8, 2007
NEW YORK CITY-Six years after I River Place reached completion, $700 million is now in place to fund the construction of II River Place. All total, the luxury residential project will contain 2.3 million sf.
Cushman & Wakefield Sonnenblick-Goldman LLC acted as the financial advisor for project developer Larry Silverstein, in what may be the largest single residential construction loan to close. According to a statement from CWSG, the loan will be led by the Bank of New York and the Allied Irish Bank. New York State Housing Bonds will finance a major portion of II River Place, with the 107 corporate units included in the plan set to be financed conventionally, CWSG says.
The New York office of law firm Morrison & Foerster LLP represented Bank of New York, as lead administrative agent, in connection with the $700-million financing. Attorneys from Morrison & Foerster involved in the deal include Mark Edelstein, John McCarthy and Christopher Delson.
Arthur Sonnenblick, senior managing director of CWSG, tells GlobeSt.com construction has just begun and II River Place should reach completion in approximately 30 months. He declined to reveal the total project cost or the terms of the $700-million loan. II River Place, with two 58-story towers, is rising at West 42nd Street and 11th Avenue. It will include 1,359 rental apartments, 21,000 sf of retail, a 13,000-sf amenity center/health club with an Olympic-size swimming pool and 194 parking spaces. I River Place contains 921 rental apartments in a 42-story tower. That tower was completed in 2001. Costas Kondylis designed the development project.
II River Place will have 934 luxury market-rate apartments, 107 corporate apartments, 235 low-income apartments, 83 inclusionary housing moderate income units and retail space. I River Place and II River Place will have a common 22,500-sf park, but each residential tower will have its own entrances, lobbies and elevators.
“River Place II will be an outstanding success which can be attributed to its high-quality design, outstanding amenities, and the strong Silverstein sponsorship as well as the tremendous growth in the office and residential midtown-west real estate market," Sonnenblick says.
Copyright © 2007 ALM Properties, Inc.
I am so gald to see these twins go up. Thanks for the updates Derek2k3.
They are working away, even on weekends. There is now scaffolding going up on the edge of the site, along with Derek's pic of the crane, there are a few smaller cranes in the pit...rather exciting site.
Finally, some new serious construction on this end of 42nd again. It had a break for like what, two years of nothing going on? Now if they would only proceed with that Related site a couple of blocks to the east.
RP2 was stagnated because of 9/11. Specifically, silverstein waited to see how the new WTC development plan would turn out before starting on RP2. He owns both sites.
What are you talking about? The Atelier was only finished earlier this year.
Atelier is nice I like it, I just think the night lighting needs a lil work.
RP2, along with other plots in the area, were not delayed by 9/11, but by the recession, which cased rental prices to drop from 2002 to 2004. But at the same time, construction costs were rising rapidly, making it a difficult market to work in.
Although atelier and orion were built, some developers waited for ideal conditions. With rental prices high again, so many projects have started. Even condo projects can turn into rentals if the condo market sways, providing insurance.
OK, but I contacted the people at RP1 a couple of years ago, and they told me that LS was waiting to see how the law suit over the WTC site would turn out and how things would turn out there before doing anything about RPII. Of course, the crash in rental prices was also fueled by 9/11.
View from Atelier
It'd be great to figure out exactly what the impact on the view of the corner units would be in the Atelier. A rep said to me that we'd definitely still see the empire state, etc, and that it'd only cover up the tunnel entrance.
These buildings remind me of element. Glad they're being built! Are they designed by the same person/architectural firm?
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