HHH - Howard Hughes Holdings Announces Victory for 250 Water Street Project in Lower Manhattan | Benzinga
NEW YORK, May 21, 2024 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE:HHH) today announced a victorious decision by the New York State Court of Appeals for its planned 250 Water Street project in Lower Manhattan, clearing the way for the Seaport development to proceed. Today's court decision upheld the Appellate Court's ruling in favor of the project, and together with the State's extension of the recent 421-a tax exemption, has cleared all existing impediments to construction and unlocked tremendous value for Howard Hughes shareholders.
"For too long, the lot at 250 Water Street has been an underutilized part of the Seaport," said David O'Reilly, Chief Executive Officer of Howard Hughes. "Today's decision marks a major win for Lower Manhattan and the city and paves the way for Seaport Entertainment Group to begin construction on a vibrant, mixed-use project that will be a significant contribution to the neighborhood."
Planned for the site of a former full-block surface parking lot, the 27-story mixed-use project, designed by world-renowned architecture and urban design firm Skidmore, Owings & Merrill (SOM), will feature approximately 400 market-rate and affordable rental apartments ...