URBAN DESIGN
UPDATE
Newsletter of the Institute for Urban Design May/June 2005 Vol. 21 No. 3 LIBERTY BONDS CREATE NEW NEIGHBORHOODS IN LOWER MANHATTAN While the press has followed each round of the fight to rebuild at Ground Zero, less appreciated – especially beyond New York – is reportage on the transformation, wrought by Liberty Bond funding, to Lower Manhattan. Emily A. Youssouf, President of New York’s Housing Development Corporation, has said that “The Liberty Bond program showed that the government was not afraid to make a statement about revitalizing Lower Manhattan.” Among beneficiaries: • 20 River Terrace, site 1813 Battery Park City, will be funded at $100 to build a twin to the Solaire. It will be developed by the Albanese Organization and designed by Cesar Pelli and Associates with SLCE architects. • Tribeca Green on Warren Street at North End Avenue and also in Battery Park City is being financed for the Related Companies with $100 million in Liberty Bond money. Robert A.M. Stern Architects will integrate the building into the Battery Park City pedestrian system. • Front Street in South Street Seaport will be financed at $46.3 million with funds to Frank J. Sciame, within a consortium also including the Durst Organization, that will result in 96 units. • Two Gold Street is being developed with $170.3 million in Liberty Bond financing to Rockrose. Architect Avinasi Malhotra’s design for 650 units will open onto a plaza designed by Thomas Balsley, landscape architect. • 90 West Street – Woolworth Building – is receiving $106 million in financing from Kibel Companies to restore it. Carl Weisbrod, former President of Alliance for Downtown New York, has said that residential retention grants, as well as Liberty Bonds are responsible for a residential occupancy rate of 95 percent in Lower Manhattan. According to Youssouf, the Liberty Bond program is also improving quality of housing through a transfer of rights to other neighborhoods. These include 390 units at 760 Melrose Avenue, 3880 Orloff Avenue and 1011 Washington Avenue in the Bronx; Beach 96th Street in Queens; and 1652 Park Avenue in Manhattan. Since Liberty Bond funding can only be applied to residential buildings, private developers have been innovative regarding what they could most successfully build downtown. Nevertheless, the federal government’s authorization of $1.6 billion in tax-exempt financing for multi-family rental projects is transforming The Liberty Zone south of Canal Street into the residential neighborhood first envisioned by Jane Jacobs some 50 years ago. With the arrival of John Cahill in Lower Manhattan to restart the Ground Zero redesign/rebuild process, hopes are raised that, as Governor Pataki’s chosen lieutenant, he will succeed in bringing The Port Authority into line, persuading Goldman Sachs to remain downtown and coaxing competing projects to cooperate. As housing continues to be built, Lower Manhattan is already succeeding as a series of residential neighborhoods. In the end, this may be the biggest surprise success to come out of the 9/11 tragedy.