After a major budget cut, and a reduction in size of a Whole Foods Market slated for East 57th Street, the city and the World-Wide Group cut the ribbon on a $500 million, 900,000-square-foot mixed-use development as reported by The Real Deal.
The project which was initiated in 2008, fell apart when the economy turned bad.
Then World-Wide and the New York City Educational Construction Fund regrouped, slashing the budget by $100 million, reducing the size of Whole Foods space and cut the amount of excavation required by 30 feet through the redesign of the entire retail space and the space for two schools.
New York City Schools Chancellor Joel Klein told the Real Deal that "The partnership between ECF and the World-Wide Group, is ECF's largest ever, and is a model for how the public and private sectors can work together to help our communities."
The development at 250 East 57th Street will roll out in two phases.
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