To move this proposal forward

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A number of government approvals are required for the project. The New York City Landmarks Preservation Commission (LPC) must approve the designs of the 250 Water Street Building and the new museum building as well as the improvements to the museum’s historic buildings. Additionally, to proceed with the overall project, a framework for transferring unused development rights from the HHC-leased Pier 17 and Tin Building sites to 250 Water Street must be approved. Transferring these development rights to the upland 250 Water Street site will help preserve the low-rise character of the waterfront and the existing built fabric. Through the development rights sale, upon which the 250 Water Street proposal is contingent and requires city review and consent, the $50 million will be made available to the museum. The proposed transfer rcs data builds on the existing mechanism for transfer of development rights within the Seaport Subdistrict, which has been in existence since 1972.

, HHC will undertake a comprehensive public review that will provide opportunities for community engagement and public comment, including at LPC and under the city’s full public land use review process, known as the Uniform Land Use Review Procedure (ULURP). The proposal will be formally presented to the LPC in December, and the ULURP process is expected to begin in spring 2021. Under this timeline, if approved, construction, and the economic activity it will create, would begin in 2022.