Essex Crossing Site 2 ‘Gateway’ Receives 5-Story Pile Driver
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It’s already been four months since the southerly Essex Market warehouse was pounded to oblivioin. The square-block parcel that is Site 2 of the Essex Crossing mega-development is now buzzing with renewed activity.
That temporary fence was no longer cutting it. The project site now keeps folks at a distance with a more intimidating plywood perimeter. It towers above the sidewalk, and has one main access point at the northeast corner of the property. Traffic barriers were also installed to create walkways on both Essex and Broome Streets. The goal, as always, is to shield passersby from construction over the next few years (at the very least). And it’s begun…
An enormous, five-story pile-driver now sits idle, awaiting orders to proceed.
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Site 2 is officially known as “The Gateway,” and is the marquee component of Essex Crossing. Upon completion in 2018, the 24-story tower will include 195 residential units (half are affordable to individuals and families earning between 40% and 155% of Area Median Income) the newly imagined Essex Street Market and a 14-screen Regal movie theater.
As previously reported, Wells Fargo and Citibank together loaned Delancey Street Associates – the development consortium comprised of L+M Development Partners, BFC Partners and Taconic Investment Partners – more than $250 million in construction financing to complete the project.
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