Madison Equities and Pizzarotti Group’s 1,000-foot condo tower at 45 Broad St is still in the planning stages, but early renderings are out, as well as some word on how the team plans to finance the project.
Madison is reportedly looking to raise roughly $75M through the EB-5 visa program. Marketing materials, including early renderings, have been circulated among prospective investors, The Real Deal reports.
Renderings reveal a soaring gold structure that's quite slim in the middle with a broad top and base. 45 Broad will rise 65 to 75 floors and include about 50k SF of commercial space. The tower's slated to include 200 to 250 residential units, ranging from studios up to three-bedrooms, as well as 20k SF of amenity space.
Madison and Pizzarotti are shooting to keep average prices for the development below $2k per SF, with the average condo expected to cost less than $2M. The 12k SF site was purchased by the developers last October for $86M. [TRD]
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