Community room in 275 Cherry St. will be relocated within the building and upgraded. During construction, regular communication regarding status and progress of work, as well as best efforts local hiring goal.
Post-construction, credit counseling and assistance with affordable housing lottery applications.
For more information, you can review Two Bridges Associates' presentation to the residents of
265 and 275 Cherry Street.
*Note: all square footages shown above are measured in zoning square feet. Zoning square feet is defined as the square footage allowed under zoning laws, and does not include elements like mechanical rooms, elevators, and vertical shafts.
Image: Artist's rendering of proposed Rutgers Park (Handel Architects/Two Bridges Associates)
Image: Landscape improvements proposed around 260 South Street (Handel Architects/Two Bridges Associates
Image: Artist's rendering of the view from Cherry Street (Handel Architects/Two Bridges Associates)
New Building Size
Area*: Up to 1,125,000 square feet
East Tower Height: Up to 69 floors/798 feet
West Tower Height: Up to 62 floors/728 feet
Podium Height: 4 floors
Total Number of Rental Units: Up to 1,350 units
Permanently Affordable Units: 25%/up to 338 Units
Together with 490 preserved units at 265 and 275 Cherry Street via a 40 year extension of the regulatory agreement, total affordability percentage on the block will be 45%.
Relocation of the 103 existing accessory on-grade parking spaces into an enclosed on-site garage
Addition of up to 5,300 square feet of retail to existing buildings (enlargement of retail space in 265 Cherry Street and new retail space in 275 Cherry Street)
Rutgers Slip open space and the courtyard between 265 and 275 Cherry Street will be redesigned with additional green space and amenities to support resident and community use. Resiliency measures will be taken to protect both the existing and new building.
Parking lot adjacent to 265-275 Cherry Street
New mixed-income residential building with parking
Expansion of retail within 265 & 275 Cherry Street and
open space enhancements to courtyard and along Rutgers Slip
Two Bridges Associates, LP (joint venture of CIM Group & L&M Development Partners)
265-275 Cherry Street
No changes to residential units in existing buildings
Affordability preserved under 2014 40-year regulatory agreement