Dermot to build Mosaic over deserted West Side site.

In a once deserted commercial stretch along Tenth Avenue on Manhattan's West Side, a "virtual" neighborhood is about to be built.

After being chosen by the city in early 2003 to redevelop the expanse between 51st Street to 53rd Street, The Dermot Company, in a joint partnership with Archstone-Smith will construct The Mosaic, a mixed-use, 24-story project with two towers that incorporates 627 apartments, theaters, parks and retail. The Mosaic is scheduled for completion in fall of 2007.

"The positive impact of The Mosaic on the neighborhood cannot be overemphasized," said Stephen N. Benjamin, Principal of The Dermot Company. "From 'green' design, to expansion of the neighborhood's open spaces, new cultural outlets, and great housing, The Mosaic will be an anchor and a catalyst for future growth and further enhancement of this area."

The building, designed by Fox & Fowle Architects, will also support a variety of public spaces, including a glazed arcade connecting to Tenth Avenue, a park and a through-block connection with play area that will integrate the project with the adjacent Oasis Community Garden and the Clinton neighborhood. New commercial performance spaces for the 20-year plus neighborhood institutions, the Intar and Ensemble Studio Theater companies, will be incorporated with the addition of two theaters. Additional retail and restaurant space will be available.

The Dermot Company has designed The Mosaic according to "green principles" as defined by LEED. This design includes planning that maximizes natural light and views, integration of high performance HVAC systems with turbine-generated power produced on-site and the usage of locally available building materials.

While primarily a high-end luxury rental, The Mosaic has two additional residential options; luxury condominium lofts three levels above the theater spaces will be offered for sale, and 20% of the rental units will be low-income studio, one-bedroom and two-bedroom units.

An amenity package will provide tenants with a health club, tenant lounge, media room, underground parking and library.

The Dermot Company worked with HPD, Community Board 4, Councilwoman Christine Quinn over the last two years with the design and implementation of the The Mosaic. Financing was provided by tax-exempt bonds from The New York State Housing Finance Agency (HFA) with Bank of America acting as the lead construction lender.