As outlined in the Full Story below, the decades long example of the dark side of politics and the public process when it seriously goes awry- SPURA- has finally received the approval of Community Board 3.
It only took 50 years.
Currently a 7 acre blight of parking lots, the SPURA site was cleared out in the 50's to create the then ideal urban form of towers in a park. A form better known today as a housing project. Decades of political torpor and community intransigence over broken promises has finally taken a step forward with the acceptance of a plan to develop 1.65M SF of space. 1M SF of retail and approximately 900 housing units- half of which would be inclusionary housing.
At Cubed Advisory, we aren't even going to make a guess as to the value of all of this. It still has a way to go before becoming a reality and it certainly won't be one project with one set of numbers governing it. There simply isn't a meaningful way to value this or even access individual elements that will have any bearing on it's future reality. We'll just leave it as being 7 acres in the middle of Manhattan and let the mind boggle.
For those of you who want a preview of what could one day be coming to the site in terms of massing, FAR and general comportment- the EDC has posted Beyer Blinder Belle's full set of drawings in three parts- here, here
Labels: Beyer Blinder Belle, CB3, Lower East Side, SPURA