The Hudson River Park Trust awarded Youngwoo and Associates the development rights for Pier 57 on July 30, paving the way for the upstart West Village-based developer to realize its innovative design for the W. 15th St. pier.
The expected designation of Youngwoo came after competing bidders The Related Companies and a joint venture between the Durst Organization and C&K Properties showed tepid interest in redeveloping the 375,000-square-foot pier.
“[Youngwoo’s] combination of imaginative architecture and creative uses enjoys strong community support, ensuring that Pier 57 will become a centerpiece of Hudson River Park and the western anchor of the thriving Meatpacking District,” read a statement from Diana Taylor, the Trust’s chairperson.
The developer’s plan includes a strong arts emphasis, with dedicated space for galleries, exhibitions, auctions and entertainment, as well as a permanent outdoor venue for the Tribeca Film Festival on the pier’s roof. The design also provides for a 170,000-square-foot, covered, open-air public market programmed and managed by Urban Space Management and housed, in part, in recycled shipping containers. Other features include a two-acre rooftop park, restaurants and an “Underwater Discovery Center” in one of the pier’s caissons. The estimated total cost of the project is $210 million.
“Youngwoo and Associates is thrilled and honored to have been selected to redevelop this historic, one-of-a-kind property at Pier 57,” said Greg Carney, a Youngwoo partner, in a statement. “We are grateful to the Hudson River Park Trust for placing its confidence in our team and are deeply committed to transforming the pier into a meaningful, dynamic destination for New Yorkers and visitors from all walks of life.”
The Trust’s selection follows on the developer’s blockbuster purchase of AIG’s twin Financial District high-rises in early June for a reported $140 million in partnership with a Korea-based bank.