In 2015, Taconic purchased the leasehold interest of an approximately 80,000 square-foot parcel in the Inwood/Sherman Creek neighborhood of Manhattan. The parcel includes a one-story retail structure of approximately 34,000 square feet with surface parking on the remaining footprint, which Taconic plans to develop into a mixed-use residential building with over 700 mixed-income apartments plus ground floor retail. 207th Street is a bustling retail corridor which at the time of acquisition was being considered for a rezoning by the City of New York. The rezoning plan will transition the site from manufacturing to residential, allowing the creation of a significant amount of housing in the neighborhood. The rezoning plans also call for the investment of $500M in neighborhood improvements, and the creation of a waterfront park along the Harlem River extending from Inwood’s North Cove to the southern tip of Sherman Creek.
Taconic worked with the City to support its rezoning plan and in August of 2018 the City Council voted to approve the rezoning of the Inwood neighborhood. The rezoning would allow for the development of 700,000 gross square feet, with over 700 units of housing, and 80,000 gross square feet of ground floor retail on the site. The rezoning is currently being challenged in court, so the project is on hold.