Real estate development and management company Howard Hughes Corp. (HHC), which is based in The Woodlands, Texas, recently announced the final approval of its planned development at 250 Water St. The project is slated to break ground this year and is expected to generate $1 billion in economic impact for New York City and the state of New York, as well as create more than 3,300 construction-related and permanent jobs. Notably, the development is also set to benefit the beloved local cultural institution South Street Seaport Museum, which will receive $50 million in essential funding — $10 million of which was committed to by the City of New York, with the remainder generated by the HHC 250 Water St. project.

Additionally, HHC has also obtained approval to extend the corporation’s ground lease for city-owned properties at Seaport from a remaining 51-year term to 99 years. This will allow for continued investment in the district, which includes a $9.8 million commitment toward essential resiliency enhancements and improvements to Titanic Park, as well as a $3.75 million investment to expand maritime use by facilitating vessel docking on the east and north sides of Pier 17.

The project is estimated to cost roughly $850 million and will include a five-story base with class A Manhattan office space, as well as retail, community space and roughly 270 apartments.

“This important project will play a vital role in New York City’s recovery through the creation of a new, mixed-income rental building; office space; neighborhood infrastructure improvements; and critical funding to ensure the long-term success of the treasured South Street Seaport Museum,” said Saul Scherl, president of the New York Tri-State Region for The Howard Hughes Corporation. “We are firmly committed to a bright future for the Seaport neighborhood, and our 250 Water St. project is at the heart of our vision for this vital and historic part of the city.”

Indeed, this final approval for the 324-foot-tall building at 250 Water St. comes as the corporation nears completion of its improvements program at the Tin Building. Currently being refurbished and redeveloped as a marketplace in partnership with Chef Jean-Georges Vongerichten, the new Tin Building is set to open this spring. Together with HHC’s work at Pier 17, the aforementioned developments mark the corporation’s continued dedication to revitalizing this important and historic area of Lower Manhattan.

“The 250 Water St. project will not only transform an outdated parking lot into high-quality, mixed-income housing, it will also provide a critical lifeline to one of my district’s — and our city’s — most treasured cultural institutions, the South Street Seaport Museum,” said New York City Council Member Margaret Chin. “The Howard Hughes Corporation is clearly committed to the Seaport as our city recovers, and I want to thank HHC leadership for a collaborative, productive partnership and willingness to work hand-in-hand with the community over the last few years. This is a project I am proud to support.”