Silverstein Partners with Four Seasons for New Downtown Development
January 29, 2008
Silverstein Properties President and CEO Larry A. Silverstein today announced an agreement with Four Seasons Hotels and Resorts - the world leader in luxury hospitality and service - to operate a hotel and private residences within a new development at 99 Church Street in Lower Manhattan. The announcement was made at a breakfast sponsored by the Alliance for Downtown New York and the Downtown-Lower Manhattan Association.
Located between Barclay Street and Park Place, the new development will be home to a Four Seasons Hotel in the first twenty-two floors of the eighty-story tower, which will also include a restaurant. The remainder of the approximately 912-foot-tower will accommodate private residences, which will be managed by Four Seasons. The development also will include a public plaza.
Corcoran Sunshine Marketing Group, the leader in value creation for the world's most prestigious luxury residential developers, will handle marketing and sales of the condominiums.
The elegant tower is designed by the renowned Robert A.M. Stern Architects and developed by Silverstein Properties, which is simultaneously developing three office towers at the World Trade Center. Robert A.M. Stern Architects will also be designing the hotel public spaces and residence interiors. Yabu Pushelberg is the hotel interior designer. SLCE Architects is the architect-of-record. Construction will begin in June of this year with completion anticipated in early 2011.
Demolition of the pre-existing building began in October 2007. Foundation work for the new tower is expected to start in June 2008. Tishman Construction Corporation, which built 7 World Trade Center for Silverstein Properties in 2006 and is the general contractor for several other Lower Manhattan projects including the Freedom Tower and the Goldman Sachs headquarters, is serving as Construction Manager on the project.
The redevelopment of the 99 Church Street site is designed to work in tandem with the revitalization of the World Trade Center, which together promises a brighter, more vibrant future for Downtown New York through a dynamic mix of superior commercial space, a modernized and more convenient transportation system, and a range of cultural and retail destinations. The Downtown Alliance estimates that between 10 and 12 million people will visit Downtown annually upon the completion of the WTC Memorial and Museum in 2012.