Trinity Church to build new luxury apartment towers

Trinity church manages 215 acres of the downtown area and it’s now looking to expand, with the land estimated worth being around $2 billion, the project is set to build new residential properties.

Trinity Church is currently involved in the project of rezoning the Hudson Square, which is converting 5.5 million square feet of office space into new residential buildings. According to Crain’s, Trinity Real Estate is exploring the possibility of developing four new luxury towers in the neighborhood as well as another tower at the site of the church’s property which will be used for business and residential.

Trinity Church is set to seek a partner for a new project involving a 430-foot tall residential building in Hudson Square between Canal, Varick, Grand Street and 6th Avenue.

“Hudson Square is right next to TriBeCa, SoHo and the Village, the best residential markets in the city, and so when you look at building residential there, it seems like a sure bet,” said Daniel Hollander, a principal at the residential development firm DHA Capital. “The for [Trinity] is going to be, do they want to take on the risks of development that have caused even the best capitalized owners to lose their land in a downturn?”

It’s also been reported that Trinity is also looking to develop 4 Hudson Square, a 1 million-square-foot development site between Hudson, Varick, Spring, and Vandam streets, that is likely to have one residential and one office tower. Though this has not been set in stone yet.

It seems that the church is more focused to rebuild its Trinity Place property.

Another day, another real estate development. New York never stops growing and changing, it’s both exciting and frightening. What are your thoughts on the upcoming project at Trinity place? Tell us in the comments!

via Curbed