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Night Time With Brooklyn View (Photo: Business Wire)

Stocks in this article: HHC

The Howard Hughes Corporation (NYSE: HHC) received unanimous approval from the New York City Council for the company’s Uniform Land Use Review Procedure (ULURP) for a redeveloped South Street Seaport.

Exterior of Pier 17 Building (Photo: Business Wire)

Exterior of Pier 17 Building (Photo: Business Wire)

“Our vision for a revitalized South Street Seaport has taken an important step forward today,” said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. “I am particularly pleased because the redevelopment will have a catalytic effect on Lower Manhattan and help the area continue to recover from the impact of Hurricane Sandy. I would like to personally thank the Mayor, Council Speaker Quinn, Council Member Chin and all of the government and community leaders who have worked toward moving this critical project forward for New York City.”

Recognizing the impact of Hurricane Sandy on the South Street Seaport neighborhood, NYCEDC and The Howard Hughes Corporation have agreed to delay construction until after Labor Day to support the Seaport district in regaining its vitality over the upcoming summer season. Additionally, The Howard Hughes Corporation is planning exciting improvements at the Seaport for the summer season and has committed to making a significant contribution to the Seaport Museum over the coming months.

“We have postponed construction to ensure the entire South Street Seaport district can enjoy the traditionally busy summer as part of everyone’s recovery from Hurricane Sandy,” said Chris Curry, Senior Executive Vice President of Development of The Howard Hughes Corporation. “We look forward to a successful season and our ongoing work with the city to create a vibrant and exciting South Street Seaport for Lower Manhattan.”

“Today’s City Council votes to approve the redevelopment of the South Street Seaport are an important step for the future of this dynamic project, ensuring that it will continue to move forward,” said Kyle Kimball, Executive Director of the New York City Economic Development Corporation. “Funded through more than $200 million in private investment, not only will this project create enhanced shopping, dining and entertainment options as well as a new food market and open space to better connect the Seaport to the local community, it will also create hundreds of jobs and revitalize the Seaport for New Yorkers and visitors alike. I would like to thank Council Speaker Christine Quinn, Councilmember Margaret Chin and The Howard Hughes Corporation for their hard work and dedication, and I look forward to construction of this transformative project, beginning this fall.”

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