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HFZ Replaces Hotel Plans At Chelsa Mega-Development With Offices


Ziel Feldman’s HFZ Capital Group is scrapping plans to build a hotel at its two-tower Chelsea mega-project in favor of office space.

New plans recently filed by the firm indicate that the development at 76 11th Ave will now comprise 243k SF of combined office and retail space at the base of the four-story towers, according to The Real Deal.

Offices will share space on the second through fourth floors, while retail will occupy the ground level, first and part of the second through fourth floors of the towers. Including the residential component, the total square footage of the project is slated to top 800k SF.

HFZ acquired the site, located between 17th and 18th streets, for $870M in April. Plans for the residential units, which are slated to start at less than $4M, have not yet been filed. [TRD]