Two More Large Residential Projects Likely in Two Bridges Area
Two weeks ago, JDS Development and SHoP Architects revealed plans for a new 77-story residential tower at 247 Cherry St. The project will soon rise alongside an 80-story condo tower being built by Extell Development on the former Pathmark site. But these are not the only large-scale buildings coming to the Two Bridges neighborhood in the next several years.
We’re aware of at least two more potential projects being envisioned by property owners on the East River waterfront. One of them would be centered on a large parcel adjacent to Lands End II, the affordable towers located at 265-275 Cherry St. (right next door to the proposed JDS/SHoP building). In 2013, L+M Development and the CIM Group purchased Lands End II for $279 million. There’s an approximately 20,000 square foot development parcel on the property (currently used as a parking lot). This afternoon, a spokesperson for Two Bridges Associates (a joint venture of L+M and CIM) told us, “We are in the early stages of evaluating development options for the site, and look forward to working closely with the community as our plans develop.”
At a recent community meeting to discuss the new project at 247 Cherry St., developers made reference to additional “upcoming development” in the Two Bridges area. Gregg Pasquarelli, a founding partner of SHoP, also alluded to “other buildings in the pipeline” during an interview with The Lo-Down. He mentioned the developing L+M plans at 265-275 Cherry St., as well as possible new construction on a parcel owned by the Starrett Corp.
Starrett sold the Lands End I residential building at 257-271 South St. to L+M Development and Nelson Management Group last year for $115 million. But the company, headed by Lawrence Cohen, kept a 31,000 square foot lot bordering Clinton Street. Before the sale, Starrett filed paperwork with the city to designate a separate development parcel and shifted air rights to the lot. We placed a call to company representatives today, but have not yet heard back.
Earlier today, we spoke with Tanya Castro, chairperson of the Lands End II tenant association. She was in the audience at that community meeting to discuss the JDS Development project. Following the presentation, she contacted her property owner for information about what’s happening in the parking lot of 265-275 Cherry St. A meeting with L+M, she told us, is set up for June.
So the bottom line is that plans for additional development in the Two Bridges area remain vague. But it’s become clear that a lot more construction is likely in the years to come along the waterfront. The Extell project will add more than 800 luxury condominium units to the neighborhood, as well as 200 affordable rental apartments in a separate building. The new tower at 247 Cherry St. will include 600 rental units (150 of them affordable). The additional potential projects we’ve highlighted in this story will add hundreds more apartments. As a point of comparison, the entire Two Bridges Urban Renewal Plan (1972-1997) only added about 1500 apartments, all low-income units along the East River.