The Caledonia is a 545,000 square-foot, mixed-use development located on 10th Avenue between 16th and 17th Streets and adjacent to the High Line in Chelsea. The project is comprised of 190 high-end residential condominiums, 288 luxury rental apartments (80% market-rate / 20% affordable) and 35,000 square feet of retail space, and includes generous tenant amenity space as well as 200 parking spaces. Taconic purchased the 53,000 square foot development site in 2004, and undertook a rezoning of the site as part of the city-sponsored West Chelsea rezoning plan to permit new residential development. The rezoning initiative, in conjunction with the purchase of air rights from neighboring properties, resulted in the approval of a 545,000-square foot mixed-use building. All condominium units have been sold, and the rental property has proven to be one of the most desirable in Chelsea.