Tales of Retail
On a recent summer Saturday afternoon, the weather is perfect but the South Street Seaport’s so-called Tourist Alley is devoid of tourists. Nearly eight months after Sandy ransacked the area, its tent-pole businesses—Abercrombie & Fitch, Ann Taylor, Brookstone—remain closed.
Over at Pier 17, at the widely loathed third-floor food court, Arthur Treacher’s and Subway do a brisk business. A thousand little Statues of Liberty glimmer beneath fluorescent lighting.
So we already know Lower Manhattan is set to become a giant mall. No, we do not mean Canal Street, though that has been attracting big name investors, as well. This is instead Fulton Street, which will soon gain more than a million square feet of retail from (narrow) coast to coast: the World Financial Center, the World Trade Center, the Fulton Transit Center and the glittery new Pier 17 at the South Street Seaport (not to mention a vastly expanded Century 21—joy!).
The Journal wonders just who is going to fill all that retail space, particularly at a time when rents are up but the economy remains off?
Howard Hughes Corp. is set to reveal its plans for the renovation of Pier 17 at South Street Seaport, according to Crain’s. The plans will first have to get the all clear from Landmarks Preservation Commission, which oversees the seaport historic district, and it is hoped the plans will be submitted sometime in the first half of 2012.
The bid faced opposition in the past from the commission when it was presented by General Growth three years ago, prior to the massive mall operator’s bankruptcy.
As part of its effort to oppose the plan to redevelop South Street Seaport, the Municipal Art Society put up a slideshow yesterday on its Web site intended to illustrate how a residential tower at the site would overwhelm the historic district.
The society has come out strongly against the development, Read More
The Journal has an interesting story today about REIT General Growth Properties, which wants to redevelop South Street Seaport, and its scramble to come up with a few billion dollars as it refinances debt. Its stock price has tanked recently, from $21 a share a month ago to under $6 today, Read More
Following the reveal in today’s Times of the long-awaited plans to redo Pier 17 and the South Street Seaport, we chatted with Michael McNaughton, a vice president with developers General Growth Properties, about the company’s plans for the site.
The planned redo of the site comes more than two decades Read More