Quantcast

Tribeca real estate market’s next boom

real-2004-08-12_z

By Josh Rogers

Law school

West St. development

Jack Parker Corporation has applied to the Dept. of City Planning to change the zoning of four Tribeca blocks, bounded by West, Watts, Hubert and Washington Sts. The changes would permit residential buildings (a change from M1-5 to C6-3A) and increase the size of allowable structures by 50 percent, from 5 F.A.R. to 7.5. The firm has a long-term lease with the Ponte family for the site on West St. between Desbrosses and Watts Sts.

There would be a 210-foot height limit on wide streets, in this case West St. The new zoning would also allow a 180-car garage to be built underneath the West St. site, which is part of Parker’s plan. The current zoning does not have a set height limit, but because the F.A.R. restriction is lower, Parker would be able to build a bulkier tower if the zoning changed.

A Parker consultant, requesting anonymity, said the building would be 210 feet on West St. and lower on Washington St., although the dimensions have not been determined yet. City Planning is expected to give the change initial certification in the fall, setting up the ULURP or Uniform Land Use Review Procedure.

C.B. 1 will get to comment on the plan under ULURP before it goes to the borough president and then on to City Planning and the City Council for a vote. The community board will undoubtedly oppose the 210-foot limit, although Duffy suspected board members may support the garage space increase since so many parking lots are being developed.

“We’ve lost so many, it will probably pass,” she said of the parking provision.

Joseph Pell Lombardi, a developer and architect who has been involved with many Tribeca projects, said he would prefer a height limit of 10 to 15 stories, or 100 to 150 feet. He said there are likely to be negative effects if a developer builds larger on the west side of Tribeca, but there may be ways to design around that problem. “It changes the whole character having big towers,” he said, “although I have always thought that Independence Plaza relates well to the streetscape.”

Josh@DowntpwnExpress.com

WWW Downtown Express