By Jeff Weinstein on 11/27/2013

Silverstein Properties on Monday announced that its Metro Fund Joint Venture has successfully financed almost US$1 billion to build a Four Seasons hotel, a restaurant and private residences at 30 Park Place in New York City’s Tribeca. At 926 feet (282 meters), the property will be the tallest residential tower in Downtown Manhattan and one of the tallest in the city.

Construction on the 82-story tower will officially begin December 3, and it will open in mid-2016.

The 30 Park Place site was purchased in 2007 by Metro Fund LLC, a joint venture of Silverstein Properties and the California State Teachers’ Retirement System. Financing for the project was provided by the Children’s Investment Fund, and Cumming — an international program and cost management firm — is providing project-monitoring services on behalf of Children’s Investment Fund. The equity was provided by the Metro Fund.

“The day it opens, Four Seasons Hotel New York Downtown will be the top hotel and condominium building in Tribeca,” said Larry Silverstein, president and CEO of Silverstein Properties Inc. “Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.”

Robert A.M. Stern Architects is the design architect for the building and will design every aspect of the private residence floor plans and interiors. Interiors for the Four Seasons hotel will be designed by Yabu Pushelberg. The private residences will be managed as 30 Park Place, Four Seasons Private Residences New York Downtown. SLCE Architects is the architect-of-record. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is the general contractor for Silverstein’s 3 and 4 World Trade Center, is serving as general contractor on the project.

Corcoran Sunshine Marketing Group will handle marketing and sales of the condominiums. Condominium sales are expected to start in spring 2014.

Silverstein Properties is also building the world’s largest Four Seasons Resort in Orlando, Florida. Construction on the 444-room luxury resort began in December 2011, and it will open in July 2014.