The 63-story, mixed-use tower will be designed by Helmut Jahn, with interiors by Thomas Juul Hansen.
The site, located between West and Washington streets, has been owned by Time Equities since 1983. Construction was supposed to start in 2008, but the project was stalled after the financial crash. The developer ditched the original plans for a hotel component and did an extensive interior redesign.
“Lower Manhattan has, and will continue to outperform expectations,” Francis Greenburger, Chairman of Time Equities, said in a statement. “Given all that is happening in Lower Manhattan right now, we see demand for high quality condos in the neighborhood continuing to grow in the years ahead.”
Time Equities raised a total of $398 million in financing. Elliott Management, a global investment fund led by Paul Singer, has formed a joint venture with Time Equities and will be investing $110 million. Another $288 million comes from a construction loan syndication effort led by PNC Bank. The lending group included Wells Fargo, M&T Bank, Union Bank, MidFirst Bank and Emigrant Bank.
50 West Street will include a public walkway connecting West and Washington streets. The project, which is aiming for LEED Silver certification, will have access to Battery Park City, Wall Street, public schools and waterfront parks.
Construction is slated to begin this fall, with an estimated completion date in 2016.