NEW YORK—Silverstein Properties announced that its Metro Fund Joint Venture has successfully financed almost $1 billion to build a Four Seasons hotel, a restaurant, and private residences at 30 Park Place in Tribeca. At 926 feet, the property will be the tallest residential tower in Downtown Manhattan—and one of the tallest in the city. Construction on the 82-story tower will officially begin on Tuesday, December 3 at 11am, and it will open in mid-2016.
The 30 Park Place site was purchased in 2007 by Metro Fund, LLC, a joint venture of Silverstein Properties and the California State Teachers’ Retirement System (CalSTRS). CalSTRS is being advised by CBRE Global Investors U.S. Managed Accounts Group. Financing for the approximately $1 billion project was provided by the Children’s Investment Fund; and Cumming—an international program and cost management firm—is providing project monitoring services on behalf of Children’s Investment Fund. The equity was provided by the Metro Fund.
“The day it opens, Four Seasons Hotel New York Downtown will be the top hotel and condominium building in Tribeca,” said Larry A. Silverstein, President and CEO of Silverstein Properties, Inc. “It will join and enhance a world-class neighborhood that is already home to a dynamic blend of modern office towers, private residences, high-end retail and dazzling public spaces. Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.”
Martin Frass-Ehrfeld, Partner at the Children’s Investment Fund Management (UK) LLP said,“TCI is excited to provide financing to a pristine group of partners for what will be the highest quality hotel and residential building in Downtown Manhattan. This project perfectly fits our investment strategy in New York City.”
Robert A.M. Stern Architects is the design architect for the building. They are designing every aspect of the private residence floor plans and interiors. The hotel will be operated by Four Seasons with interiors designed by Yabu Pushelberg. The private residences will be managed as 30 Park Place, Four Seasons Private Residences New York Downtown. SLCE Architects is the Architect-of-Record. Tishman Construction is serving as general contractor on the project.
Silverstein Properties is also building the world’s largest Four Seasons Resort in Orlando, Florida. Construction on the 444-room luxury resort began in December 2011, and it will open in July 2014.