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The Howard Hughes has announced its plans for a $1.4bn development at 250 Water Street in Lower Manhattan’s Seaport area in New York, US.

The project will transform an underutilised parking lot along the boundary of the South Street Seaport Historic District into a mixed-income development.

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The project, which is part of broader Seaport vision, will include construction of affordable housing in Manhattan Community Board 1 through the City’s Mandatory Inclusionary Housing programme.

It will include nearly 100 critically needed permanently affordable apartments that will be available to families earning 40% of Area Median Income.

The developer said that the project will create approximately 360 units, of which nearly 25% of the units will be affordable along with around 260 condominium units.

Skidmore, Owings & Merrill (SOM), a global architectural, urban planning and engineering company, has designed the project.

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The proposal provides long-term financial stability of the South Street Seaport Museum, improvements to the Museum’s historic buildings which will allow it to reopen, and design a new Museum building on an adjacent vacant lot.

The $1.4bn development proposal also includes upgrade of the Peck Slip Play Street, which is used by the neighbouring Peck Slip School and Seaport families, community-oriented spaces as well as office space.

Howard Hughes estimates the 250 Water Street development will create more than $1.8bn in economic impact and approximately 2,500 permanent and about 2,000 construction jobs.

The company said that the project requires a number of government approvals including the New York City Landmarks Preservation Commission (LPC) approval for the designs of the 250 Water Street Building and the new Museum Building along with the improvements to the Museum’s historic buildings.

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Proposed Seaport Development. (Credit: The Howard Hughes Corporation /SOM/ PR Newswire.)