S
ite K, located on 11th Avenue, has been selected as the site for a massive residential tower. A joint venture between BXP, Moinian Group, BRP Companies, and Urbane Group will develop the project, which includes 1,349 residential units - 404 of them affordable - and a 455-key hotel. This development is notable due to its size and the fact that it's the first to take advantage of the state's lifted floor area ratio cap on residential buildings.

    The project was chosen after the Hochul administration scrapped former Governor Andrew Cuomo's RFP, which called for a mixed-use project with an option for housing. The new RFP mandated housing and prohibited office space. Moinian Group and BXP, who own the adjacent 3 Hudson Boulevard site, won't have to worry about competition from Site K.

    The project's affordability levels were modeled after the 485x requirements, offering 30% of units at below-market rents. The remaining units will be priced for those earning up to 130% of the area median income. Before construction can begin, the proposal must undergo a state review process that typically takes 18-24 months.

    The project's location across from the Javits Convention Center aims to cater to convention-goers with the new hotel. Developer Don Peebles' Affirmation Tower plan was previously in the spotlight but didn't win over state officials. The site is also notable for being adjacent to a planned 2 million square-foot office tower at 3 Hudson Boulevard, which has yet to find an anchor tenant.