The developers of Essex Crossing announced today that they’ve locked in $260 million in financing for a 14-story mixed-use building at 202 Broome St. This means the mega-project in the former Seward Park Urban Renewal Area has secured 90% of its total financing.
The acquisition and construction loan was provided by Square Mile Capital Management. The building on site 3 of Essex Crossing will include 83 luxury condo units and 175,000 square feet of office space. This part of the project will also include a section of the Market Line, an underground retail pavilion stretching across three blocks. The building features about 16,000 square feet of ground floor retail, as well. The site 3 architect is CetraRuddy. Completion is expected in 2021.
The first phase of Essex Crossing on the initial four sites is nearly complete. A low-income senior building is already fully occupied, and leasing is ongoing for a second rental building at 145 Clinton St. A Trader Joe’s. Target, a medical center from NYU Langone, a 14-screen Regal movie theater and a new Essex Street Market will be opening throughout the summer and fall.
In the second phase of construction, sites 3 and 4 will add a total of 350,000 square feet of office space. The developers have not yet announced those commercial tenants.
Delancey Street Associates, the development consortium, is made up of BFC Partners, L+M Development Partners, Taconic Investment Partners and Goldman Sachs. The development costs have climbed to $1.5 billion, from $1.1 billion, when the project was first unveiled in 2013.
