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US-based real estate development and management company The Howard Hughes Corporation (HHC) has obtained the final approval from the City of New York for its planned $850m 250 Water Street development project.

The project, which is a 26-storey mixed-use development, is located at the Seaport in Lower Manhattan.

It is designed by architecture and urban design firm Skidmore, Owings & Merrill (SOM) and will feature residential rental apartments, office, as well as retail and community spaces.

Besides providing an affordable housing, the building will now offer market-rate residential rental units to meet rental housing demand in Lower Manhattan.

It was earlier planned with a market-rate component comprising for-sale units.

The development will generate essential funding of $50m for South Street Seaport Museum. A total of $40m from this funding is generated by the HHC 250 Water Street project, while the remaining $10m committed by the New York City.

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By GlobalData

Howard Hughes New York Tri-State Region president Saul Scherl said: “This important project will play a vital role in New York City’s recovery through the creation of a new mixed-income rental building, office space, neighborhood infrastructure improvements, and critical funding to ensure the long-term success of the treasured South Street Seaport Museum.

“We are firmly committed to a bright future for the Seaport neighborhood, and our 250 Water Street project is at the heart of our vision for this vital and historic part of the City.”

Furthermore, HHC has gained approval to extend its ground lease for City-owned properties at the Seaport to another 99 years.

According to Howard Hughes , the 250 Water Street approval and the company’s lease extension involves a comprehensive public review process during which the company received approvals.

The 324-ft-tall building includes nearly 270 apartments above a five-storey base with ‘Class A’ office, retail and community space, and will feature a full-block surface parking lot.

Next year, HHC will start a comprehensive remediation of the site through the ‘New York State Brownfield Cleanup Program’.

HHC received the latest approval as the company’s another Seaport revitalisation project ‘Tin Building’ is nearing completion.