JV Secures Construction Financing and Breaks Ground on Planned LEED Gold 837 Washington Street

With a $60 million construction loan in place, the LEED Gold-hopeful 837 Washington Street was able to break ground earlier this week.

Anecdotally, it seems like the market for new construction financing is rebounding nicely here in 2012: from 7 Bryant Park to Coach’s new Hudson Yards headquarters, a number of new office building projects have been able to secure construction financing in recent months. Now add 837 Washington Street to the list: the Taconic – Thor Equities joint venture that’s developing the 55,000-square-foot, LEED Gold-hopeful 837 Washington Street mixed-use tower at the corner of Washington and 13th Streets in the Meatpacking District recently secured a $60 million construction loan.

The joint venture secured the loan from M&T Bank and is on track for a Fall 2013 completion after breaking ground on the project earlier this week. Three levels of retail space will feature 28,000 square feet, anchored by a corner on Washington and 13th Streets across the street from the Standard Hotel (see picture of development site shot from High Line underneath the Standard). The 27,000-square-foot office component will feature a private lobby entrance on Washington Street. Target tenants are in the tech, media, or fashion industries, and the joint venture is already touting interest in the tower.

As we noted previously, architects Morris Adjmi‘s design echoes the neighborhood’s industrial past: it features a metal and glass window wall set within an angular framework of gray steel beams that rotate around a brick core that ties it back to the warehouse below. Twisting as it rises, the dynamic of the tower is designed to echo the angles of the neighborhood streets until they bump up against the Manhattan grid above nearby 14th Street. Office floors will have views over the High Line straight out to the Hudson River and beyond, while planting beds along the edge of the floor slab will reduce stormwater runoff and benefit adjacent High Line landscaping.

Over the summer, the DOB approved the project’s zoning plan, a year after the Landmarks Preservation Commission did the same (necessary because the building is rising above an existing 2-story Moderne-style warehouse that dates from the late 1930s and was once part of the Gansevoort Market).

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