Here at the Condo Blog we’re very excited about the eventual construction of Riverside Center.  For those who haven’t yet heard about it, the large plot of land running from 59^th-61^st Street from West End Avenue back to the Hudson River will quite possibly be converted soon by Extell, finishing up a massive construction project of what was originally an abandoned rail yard.  Riverside Center will include five residential buildings (including low-cost housing), over three acres of open space with connections to Riverside Park and the Hudson River, neighborhood storefront retail, outdoor dining, a movie theater, underground parking, and a public school. It’ll be roughly a decade until you notice what exactly is going on, but the community rumblings are starting now.

Extell has been holding community meetings with the residents of nearby condos such as 10 West End Avenue and Element.  The goal is to introduce the project, its benefits and its potential drawbacks early on and hopefully garner support from the local community.  The new condo building around 59^th and West End will be most affected by the long construction timeline.  It’ll also change the scenery dramatically.  For residents currently facing west at 10 West End Avenue, the view is over the Hudson River and towards New Jersey.  Those views will likely be obstructed by several new condo towers built along the river.  The lower floors may be looking at the back of a cinema or perhaps a school.  The only thing currently on the plot is a big parking lot which is truly an eye soar. Now that Extell has secured a massive ($600M+) construction loan, that parking lot will finally be cleared for this undertaking.

Naturally, people have their likes and dislikes when it comes to the project.  Some active members of the community have suggested an alternative plan which involves much more park space and smaller buildings clumped together between 60^th and 61^st Streets.  Extell has pointed to several other major construction projects such as the Time Warner Center and even Rockefeller Center, noting nearly 1/3^rd of the land at Riverside Center will be dedicated to public use, more than many other comparables.  Like many times before, Extell needs to be granted a certain FAR (floor area ratio) which will allow the project to command enough money to include the public spaces, lower-income housing, etc.  As usual, a compromise will likely be struck and everybody will be only a little disappointed.

We’ll keep a close eye on this development over the next couple of years and start snapping photos when the parking lot eventually takes a hike.

~JH

This entry was posted on Friday, March 6th, 2009 at 1:56 pm and is filed under Element Condominium - 555 West 59th Street. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.