JDS, SHoP to build 77-story rental tower next to Extell s One Manhattan Square 600-unit building at 247 Cherry St. will have 150 affordable apartments
UPDATED, April 27, 7:39 p.m.: Legend has it that part of Dave Thomas strategy for growing Wendy s into one of the world s largest fast food chains entailed putting new franchises next to existing McDonald s locations.
Michael Stern may be trying something similar with Gary Barnett. The JDS Development Group leader followed Extell Development s chief to Billionaires Row and to Downtown Brooklyn, and now he s unveiled plans for a 77-story mixed-use tower next to Extell s 80-story One Manhattan Square project in Two Bridges.
JDS which is busy developing supertall luxury projects at 111 West 57th Street with Property Markets Group and 9 Dekalb Avenue with the Chetrit Group will partner with frequent collaborator SHoP Architects to construct a residential and retail complex at 247 Cherry Street on the East River waterfront. The Lo-Down first reported the news.
The planned 900-foot tower will feature about 600 rental apartments, including 150 units that will be permanently affordable. The ground floor is being reserved for retail on Cherry Street and Rutgers Slip.
According to preliminary plans, the building will have a mixture of studios, one-bedroom and two-bedrooms unit, with affordable apartments interspersed throughout the building.
“We see it as a model of responsible development moving forward,” Stern said. “Take an under-utilized[……]