SPURA- At Freakin' Last!
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 and here.

Full Story

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