Silverstein Properties last week secured financing to construct a skyscraper at 30 Park Place in Tribeca that will include a Four Seasons hotel and Private Residences.
At 926 feet, the property will be the tallest residential tower in Downtown Manhattan and one of the tallest buildings in New York City.
Construction will begin on the 82-story tower in Fall 2013 with the grand opening set for 2016.
Financing for the $950 million project was provided by The Children’s Investment Fund Management (UK) LLP through a loan of up to $660 million to owners Silverstein Properties and CalSTRS.
Located at Park Place and Church Street in Tribeca, Four Seasons Hotel and Private Residences New York, Downtown will incorporate a 185-room Four Seasons-operated luxury hotel as well as 157 Four Seasons branded luxury private residences. The development will also include a public plaza. The new tower will share a city block with the Woolworth Building, Cass Gilbert’s 1913 skyscraper, and will be located one block from the new World Trade Center.
“The day it opens, the Four Seasons Hotel New York Downtown will be the top hotel and apartment building in Lower Manhattan,” said Larry A. Silverstein, president and CEO of Silverstein Properties, Inc.
“All of us at Silverstein Properties are proud to play a role in creating what will be one of the most impactful and iconic buildings in New York,” said Marty Burger, co-chief executive officer of Silverstein Properties.
“We have assembled a dream team of partners including Four Seasons Hotels and Resorts – the premier operator of luxury hotels worldwide, Robert A.M. Stern Architects – one of the world’s leading architectural design firms, and Corcoran Sunshine – New York’s most influential marketing and sales firm for luxury residential development.”
Robert A.M. Stern Architects is the architect for the building and is designing every aspect of the private residence floor plans and interiors.
The Hotel will be operated by Four Seasons with interiors designed by Yabu Pushelberg, while the condominiums will be managed as Four Seasons Private Residences. SLCE Architects is the Architect-of-Record. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is the general contractor for Silverstein’s 3 and 4 World Trade Center, is serving as Construction Manager on the project.
Corcoran Sunshine Marketing Group will handle marketing and sales of the condominiums, which are expected to launch in Spring 2014.
The hotel entrance on Barclay Street will lead visitors into three floors of lobbies, lounges, a restaurant, ballrooms, and meeting facilities, as well as a spa, fitness center and pool.
A second entrance to the restaurant will be located on Church Street. The public rooms of the hotel will face a through-block, landscaped public plaza framed by a lower annex building that conceals building services and access to below-grade parking.
A separate entrance and lobby at 30 Park Place will serve the private residences, each of which will enjoy full access to all hotel amenities.
The 30 Park Place site was purchased in 2007 by Metro Fund, LLC, a joint venture of Silverstein Properties and the California State Teachers’ Retirement System (CalSTRS), a pension fund.
Silverstein Properties is also building the world’s largest Four Seasons Resort in Orlando, Florida. Construction on the 445-room luxury resort began in December 2011 and it will open in July 2014.