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SJP breaks ground for Times Square tower ahead of schedule.

SJP Properties has announced that it has broken ground two months ahead of schedule on 11 Times Square, a 1.1 million-square-foot, 40-story, speculative commercial and retail tower at 42nd Street and Eighth Avenue--the last developable land on the world's most renowned block.

11 Times Square is the first new speculative development being built in midtown in years and is on schedule to be completed in 2009.

SJP Properties' new tower will be located on the southeast corner of 42nd Street immediately north of the new New York Times headquarters building and directly across the street from the Westin Hotel. Together, these developments will define the western gateway to the 42nd Street entertainment district and the Times Square business corridor.

The state-of-the-art, environmentally responsible tower will include 55,000-square-feet of retail space on three levels featuring bold signage "spectaculars" along 42nd Street in keeping with the Times Square streetscape.

"SJP Properties is extremely proud to have commenced construction of this premier development ahead of schedule," said Steven J. Pozycki, SJP Properties chairman & CEO.

"This milestone would not have been possible without the unparalleled commitment of the 42nd Street Redevelopment Corporation, Empire State Development Corporation and New York City Economic Development Corporation. We are thankful for their extraordinary dedication, support and vision, which will culminate in 2009 with the opening of one of the first new office towers built on speculation in midtown in many years."

Located on what is known as Site 8N in the 42nd Street Development Plan, the 37,825-square-foot site is bounded by 42nd Street to the north, Eighth Avenue to the west, 41st Street to the south and the Times Square Hilton Hotel to the east.

The site is centrally located and served by excellent mass transportation. The Port Authority Bus Terminal, Penn Station and most major subway and bus lines are all within walking distance. SJP Properties has engaged FXFowle Architects to design 11 Times Square.

With significant experience in the Times Square area, FXFowle has designed three architecturally-distinguished office buildings nearby: the Conde Nast Building at 4 Times Square, the Reuters Building at 3 Times Square, and The New York Times Building in collaboration with architect Renzo Piano, at 620 Eighth Avenue. In July 2006, SJP TS, LLC, a joint venture between affiliates of SJP Properties and institutional investors led by Prudential Real Estate Investors (PREI[R]), purchased the property, which had been a parking lot, and then vacant, for more than a decade.

The property will pay PILOTs equal to full taxes, and, like other office towers in the 42nd Street Project area, will pay a theater surcharge dedicated to the historic theaters located mid-block on 42nd Street, between Seventh and Eighth Avenues.

SJP Properties is currently developing two residential high-rises in midtown Manhattan--at Park Avenue and 37th Street and near Times Square at Eighth Avenue and West 46th Street.

With the addition of 11 Times Square, SJP now has more than $1.5 billion of development in New York City.
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Comment:SJP breaks ground for Times Square tower ahead of schedule.
Publication:Real Estate Weekly
Date:Jul 11, 2007
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