June 22, 2016
6sqft recently covered the controversial proposal by the Alliance for Downtown New York (ADNY), the Department of City Planning (DCP), and the New York City Economic Development Corporation (EDC), to change zoning laws to allow property owners in the Water Street Subdistrict of lower Manhattan–at One New York Plaza, for example–to bring in retail tenants like restaurants and clothing stores in exchange for making improvements and upgrades to the public plazas and arcades adjacent to their buildings. Crains reports that the City Council passed a bill Tuesday that would allow the Financial District landlords to convert the public corridors in front of 20 buildings in the Water Street corridor to retail shops.
The public corridors, which cover ten blocks, were created when the Water Street buildings that abut them were built. Building developers agreed to create the public arcades and walkways in exchange for more buildable square footage.