The Texas-based real estate developer, whose chairman is hedge fund manager Bill Ackman, wants to turn a parking lot at 250 Water Street into two 470-foot towers with a mix of affordable rentals, offices and condo units, according to a statement Thursday.
Numerous plans for the Water Street lot have failed over the years, long before it was purchased by Howard Hughes. The current zoning allows for a roughly 12-story tower. The larger proposed buildings, at about 38 stories, require city approval.
To sweeten the deal, the company will enhance public spaces in the area and is offering to invest $50 million into the South Street Seaport Museum, which has taken a hit during the pandemic.
The project includes more than 100 affordable rentals, part of a city requirement to get approval for the proposed zoning change.