Executives from Taconic Investment Partners are promising that Essex Crossing, the new mixed-use project coming to the Seward Park site, will be in synch with the Lower East Side neighborhood.
Last month, Taconic as well as L+M Development Partners and BFC Partners were awarded the contract for the 1.6 million square foot site at the foot of the Williamsburg Bridge. Construction is scheduled to begin in about 18 months. Recently, Taconic Co-Chief Executive Officer Paul Pariser and Chief Investment Officer Kevin Davis sat down with Billy Gray of Commercial Observer to discuss the project as well as other topics.
Gray asked Pariser whether the LES could become the next Meatpacking District:
It’s probably going to be different. It’s physically different and surrounded by many neighborhoods. And it’s a cultural melting pot with Chinatown, Little Italy, the historic Jewish districts. You have a younger population. The housing stock will be less expensive, somewhat, compared to West Chelsea. In terms of its funk and interesting architecture, we’re going to make it very interesting. It won’t be glitzy or glassy or shiny. It’s going to be cool. But we’re putting in such density that it’s an opportunity to really create a statement for that part of town.
Taconic is handling the retail elements of Essex Crossing as well as developing a large incubator. Pariser was asked about the strategy:
The first tenant we’ll line up commercially will be some sort of supermarket, which is needed down there desperately. There’ll be a bowling scenario. Essex Street Market is of course part of the deal—a much larger, beautiful new facility. And that’s a big cultural draw. It’ll be double the size [of the current space]. Then there will be lots of kiosks and local merchants. It won’t be mall-like at all. It’ll be much cooler. Then we have 250,000 square feet of office space, but the first phase is 60,000. We have discussions going with some interesting tech tenants.
You can read the full interview here.
