Youngwoo scores development rights for Pier 57

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.