Silverstein Properties yesterday (Tuesday) celebrated the start of construction with a ground breaking ceremony for the 82-story tower that will feature a Four Seasons hotel, restaurant, public plaza and private residences.
Rising 926 feet, the Tribeca building will be the tallest residential tower in Downtown Manhattan and one of the tallest buildings in New York City. Construction is slated for completion in 2016.
Located at Park Place and Church Street, the limestone tower will combine a 185-room Four Seasons-operated luxury hotel with 157 Four Seasons-branded private residences.
Architect Robert A.M. Stern is designing every aspect of the private residence floor plans and interiors, while the hotel will feature interiors by Yabu Pushelberg.
SLCE Architects is the architect-of-record for the building, and Tishman Construction is serving as Construction Manager for the project.
The Four Seasons Hotel New York Downtown will occupy the first 21 floors of the building that will also include a specialty restaurant operated by the Four Seasons.
The remainder of the tower, which rises to a skyline profile of full-floor penthouses and setback terraces, consists of a range of one to six bedroom residences.
Silverstein’s Metro Fund Joint Venture successfully financed almost $1 billion to build the skyscraper.
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).
CalSTRS is being advised by CBRE Global Investors U.S. Managed Accounts Group. Financing for the approximately $1 billion project was provided by the Children’s Investment Fund; and Cumming, an international program and cost management firm – is providing project monitoring services on behalf of Children’s Investment Fund.The equity was provided by the Metro Fund.
“The day it opens, Four Seasons Hotel New York Downtown will be the top hotel and condominium building in Tribeca,” said Larry A. Silverstein, president and CEO of Silverstein Properties, Inc. “It will join and enhance a world-class neighborhood that is already home to a dynamic blend of modern office towers, private residences, high-end retail and dazzling public spaces. Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.”
“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,” added 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.”
Silverstein Properties is also building the world’s largest Four Seasons Resort in Orlando, Florida. Construction on the 444-room luxury resort began in December 2011, and it will open in July 2014.