SHANGHAI, April 1, 2016 /PRNewswire/ -- A set of detailed renderings of the Renzo Piano-designed residential buildings at 100 Varick Street and 555 Broome Street have emerged, and construction is currently underway at the site pitched between two of New York's most coveted neighborhoods, Soho and Tribeca.
The much-anticipated development will consist of two 25-story buildings, which will include 115 condo units, 17,000 square feet of commercial space, and 750 square feet for a community facility. Once completed, the project will be the tallest residential structure in the Soho neighborhood.
Pritzker Prize-winning architect Renzo Piano, whose notable recent work includes the new Whitney Museum in midtown, has been tapped as the design architect. Piano's versatility continues to win the hearts of NYC developers, as the project is being developed in collaboration between Bizzi & Partners and Halpern Real Estate Ventures.
The developers have looked east - Far East - to raise capital for the project, securing a $320 million construction loan from the Bank of China. The project also includes a $135 million equity stake sold to Cindat, a U.S. subsidiary of the Chinese investment firm Cinda Asset Management.
In additional to traditional financing channels, more and more U.S. developers are partnering with foreign investors for greater access to capital. In particular, a federal visa program known as EB-5 allows foreigners who invest a minimum of $500,000 in a project that will create at least 10 jobs to apply for a green card. The EB-5 program was created by Congress in 1990, but its popularity has surged in the wake of the recession, when securing traditional construction loans became difficult.
In the past few years, more than 85% of EB-5 visa applicants have come from China. Developers often work with Chinese immigration agents to identify potential investors. In March of 2016, Wailian Overseas Consulting Group, one of the leading immigration agents in China, organized the 6th Annual Invest In America Summit. The event is one of the largest annual American investment conference and trade shows in China and showcases an array of premium business opportunities and investment programs in the United States. A diverse range of EB-5 projects were present at the Summit, where regional centers and developers were offered the opportunity to communicate directly with Chinese investors.
Building permits have been secured and ground was broken this past December. Various pieces of excavation equipment are now at the site. Sales will begin later this year and delivery is scheduled by 2018.
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