NEW YORK—New York-based developer Time Equities, Inc. hosted a groundbreaking event on June 23 to celebrate Lower Manhattan’s iconic hotel and residential skyscraper, 50 West Street. More than 100 guests, including politicians, community officials and project partners, joined Time Equities to break ground on the site of the 65-story tower.
The green residence and boutique hotel, which anticipates LEED-Gold certification when completed, will include sustainable technologies such as a green roof, water-efficient plumbing fixtures, automated blinds, and energy control systems. Demolition waste will be recycled, and the new construction materials will be sustainable and rapidly renewable. Both hotel and residences will feature an energy efficient glass facade to promote use of daylighting and filter UV rays.
The 50 West Street project is expected to create 740 construction jobs and 175 permanent jobs. As an example of public-private partnership, Time Equities will donate $4.6 million to the Department of Housing Preservation and Development’s affordable housing preservation fund, $350,000 to the NYC Board of Education for a Lower East Side Space Sciences Center and $430,000 to local P.S./I.S. 89 for a computer science program including computers for a new computer lab.
Designed by world-renowned architect Helmut Jahn, the $600 million, 580,000-square-foot mixed-use tower will be completed in 2011. The project will provide a critical pedestrian passageway that links the southern part of Battery Park City to Wall Street, Rector Street’s booming retail corridor, and downtown transportation hubs. 50 West Street will contain 280 residential units and 155 hotel and retail units. The architect of record is New York City-based Gruzen Sampton.
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