Silverstein Properties on Monday announced that its Metro Fund Joint Venture has successfully financed almost US$1 billion to build a Four Seasons hotel, a restaurant and private residences at 30 Park Place in New York City’s Tribeca. At 926 feet (282 meters), the property will be the tallest residential tower in Downtown Manhattan and one of the tallest in the city.
Construction on the 82-story tower will officially begin December 3, and it will open in mid-2016.
The 30 Park Place site was purchased in 2007 by Metro Fund LLC, a joint venture of Silverstein Properties and the California State Teachers? Retirement System. Financing for the project was provided by the Children?s Investment Fund, and Cumming ? an international program and cost management firm ? is providing project-monitoring services on behalf of Children?s Investment Fund. The equity was provided by the Metro Fund.
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