Seward Park NY Mixed Use Development

04/05/2013 11:51 am

 

Developers are rushing to submit their proposals for the Seward Park development site on the Lower East Side ahead of next week's deadline for proposals. The city intends to select a developer in the fall.

The Seward Park Mixed-Use Development Project, which received full land use approvals in October 2012, will transform more than six acres of underutilized land into a vibrant, mixed-use space in one of New York's most dynamic, diverse neighborhoods. As a result of a successful collaboration between the local community and the City, through NYCEDC and the New York City Department of Housing Preservation and Development (HPD), sites that have largely sat vacant for more than four decades will finally be reintegrated into the vital, urban fabric of the Lower East Side.  Located along Delancey and Essex Streets, the nine sites, now with full land use approvals, will be transformed into 1.65 million square feet of permanently affordable and market-rate housing, commercial space, a new Essex Street Market, and new open space, with the potential for a school and other community space.

The Seward Park Mixed-Use Development Project will allow for 1,000 units of housing, of which 50% will be permanently affordable to a range of incomes, and 50% will be market rate. The site will accommodate up to 600,000 square feet of commercial space and community space.

According to The Real Deal, some big city developers are expected to submit proposals, including Forest City Ratner and the Related Companies.