Public and Private Partnerships in Essex Crossing
Essex Crossing represents a true partnership between public and private interests. L+M, BFC Development Partners, and Taconic Investment Partners, along with Grand Street Settlement, were awarded the sites after a competitive RFP process in 2013. The entire project, located in the Lower East Side, is projected to be over 1.9 million square feet; seven of nine parcels are developed, and the last two parcels are expected to be completed by 2024. Once completed, the $1.5 billion project will include 1,079 units of residential rental and for-sale housing (of which over 50 percent will be permanently affordable to a wide range of incomes), over 700,000 square feet of commercial space, 350,000 square feet of office space, 100,000 square feet of community and cultural facility space, and 100,000 square feet of exterior and interior green space, including a new public park.
Key commercial users include NYU Langone Ambulatory Care Center, Trader Joe’s, Target, The Gutter NYC bowling, Regal Cinemas, a new and expanded Essex Street Market and The Market Line. Key community facility uses include a new senior center run by Grand St. Settlement, Henry Street Settlement’s Workforce Development Center, an early childhood education center operated by the Chinese American Planning Council, and the International Center of Photography.