New develop will preserve South Street Seaport’s historic mission
Tomorrow the New York City Landmarks Preservation Commission will consider a proposal to transform a full-block parking lot at 250 Water St. in the South Street Seaport Historic District into a mixed-use project with two towers on a contextual base.
The building would house the affluent area’s most significant affordable housing in decades. But when it comes to the historic district’s legacy, the most relevant benefit is that the project would generate $50 million for the South Street Seaport Museum. The museum is the heart of the original preservation concept, and the money would allow it to stabilize after decades of financial uncertainty and to avoid permanent closure.