Silverstein Condo-Hotel Will Be Downtown's Tallest Apartment Tower

Renderings of 30 Park Place, designed by A.M. Stern Architects. Renderings courtesy of Silverstein Propeties

Larry Silverstein's long-stalled 82-story condo-hotel tower at Park Place and Church Street is about to get off the ground. The 926-foot-high structure will become Downtown’s tallest residential building, surpassing the Frank Gehry-designed 76-story skyscraper at 8 Spruce St.

Silverstein Properties announced on Wednesday that it had secured $660 million in construction financing for the nearly $1 billion project, originally slated for completion in 2011 but remaining only a fenced-off concrete foundation since 2009. Silverstein demolished the former Moody’s building to clear the way for the structure, which will stand just a block from his World Trade Center towers.

Now scheduled to open in 2016, the Four Seasons-operated building will have 185 hotel rooms and 157 condominium apartments. Upon acquiring the property, Silverstein changed the address from 99 Church St. to 30 Park Place.

A hotel entrance on Barclay Street will lead to three levels of lobbies, lounges, ballrooms and meeting facilities, in addition to various guest amenities. Residents will enter at 30 Park Place.

A public plaza will be built between the tower and the 100-year-old Woolworth Building, on Park Place between Church and Broadway.

Community Board 1 chair Catherine McVay Hughes said in a phone interview that, while the development is “a positive sign that the economy has turned...we’re concerned about school overcrowding. It is important to make sure that the [Department of Education] provides adequate school seats for any new residential building, including this one.”

Construction is expected to begin this fall.