In September of 2013, Taconic, in partnership with L&M Development Partners and BFC Partners, was selected by the City of New York to develop nine city-owned sites located on six acres on the Lower East Side of Manhattan, primarily along Essex and Delancey Streets. Commonly known as the Seward Park Urban Renewal Area, the sites have remained mostly vacant since 1967, and represent one of the most significant urban renewal development opportunities remaining in Manhattan.
The multi-year project includes 1,870,000 gross square feet of multi-family rentals, residential condominiums, Class A office and a dynamic retail environment featuring added community and public park space. Approximately half of the 1,079 apartments will be affordable for low, moderate, and middle-income families. The project’s retail and community space is highlighted by Trader Joe’s, Target, Regal Cinemas, the International Center of Photography, the new Essex Market and a variety of local food and beverage concepts Additionally, the creation of The Market Line will provide seamless access to the Essex Market and the surrounding neighborhood by creating a vibrant subterranean grand concourse connecting multiple buildings along Delancey and Broome Streets, making it one of the largest public markets in the country. The project participates in several sustainability programs, and will adhere to strenuous environmental requirements driven by the RFP, City disposition, and the City’s Uniform Land Use Review Procedure. Construction began in the Spring of 2015, and is expected to be completed by 2023.