The sale of 80 South Street from Howard Hughes Corp. to China Oceanwide Holdings has been finalized, reports The Real Deal. The $390 million deal was first announced in August, but closing was contingent on Howard Hughes transferring an additional 303,113 square feet in air rights to the address after already securing 104,167 square feet. With this, 80 South Street’s development potential has grown to 817,784 square feet and a tower of 1,436 feet (to put this in perspective, 432 Park is 1,396 feet tall, while 1 WTC is 1,368 feet tall by roof height) with 113 floors could soon rise on the site which has sat in redevelopment limbo for over a decade.
Morali Architects’ proposed design, 2013
A tall tower for the South Street block has been in the works as far back as 2005, when a Santiago Calatrava-designed skyscraper was proposed. The supertall would have risen 1,123 feet in a stacked cube formation with only ten units, but it was ultimately dropped due to the 2008 financial crisis. In 2013, Morali Architects was chosen to revive the project, but their design—a 998-foot-tall skyscraper with integrated garden spaces every ten floors and a vegetative roof—also died.
Past reports show the involvement of SHoP Architects in the latest incarnation, but there is no official word on whether or not China Oceanwide will stick with the starchitects.
As 6sqft previously noted, the new building would contain over 440,000 square feet of residential and over 376,000 square feet for commercial use.
[Via The Real Deal]
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Neighborhoods : Financial District