The Howard Hughes Corporation® Announces Plan For Affordable Housing At 250 Water Street In Lower Manhattan & Revived South Street Seaport Museum As Part Of Broader Seaport Vision
The Howard Hughes Corporation® (NYSE: HHC) today unveiled a comprehensive proposal for Lower Manhattan’s Seaport area, including the transformation of an underutilized full-block surface parking lot along the boundary of the South Street Seaport Historic District into a mixed-income development that would include some of the area’s first new affordable housing in decades. The $1.4 billion proposal also provides for the long-term financial stability of the beloved South Street Seaport Museum, improvements to the Museum’s historic buildings that will allow it to reopen, and a design for a new Museum building on an adjacent vacant lot. HHC’s plan comes after more than a year of community input that significantly helped shape it. The plans were designed by world-renowned architecture and urban design firm Skidmore, Owings & Merrill (SOM). As the city focuses on economic recovery from the ongoing pandemic, the 250 Water Street development will help propel that recovery through more than $1.8 billion in economic impact for the city and state, creating nearly 2,500 permanent jobs and roughly 2,000 construction jobs. HHC recently repaid the debt on its Seaport ground lease, has nearly $1 billion on its balance sheet, and is in a strong position to carry out the project.