NEW YORK—Architecture firm SOMA has been tapped to provide a concept design in conjunction with schematic drawings and renderings of a mixed-use building that includes the third Dream Hotel in Manhattan and 20,000 sq. ft. of retail space.
In a transaction valued in excess of $93 million, developer Soho Properties, MPH Real Estate Services and Hampshire Hotels Management LLC announced the acquisition of the property, located at 560 Seventh Avenue in Times Square, which once housed Parsons The New School of Design. The Garment Center Congregation, which previously leased a portion of the property’s ground floor, will also occupy the basement level of the building once construction is complete.
According to the firm, the ground-up build is reported to be valued at over $300 million and slated for late 2015 construction.
Due to the building’s mixed-use program, SOMA’s vision includes shifting “volumes” or structural cubes that allows the property to express this mix of programming through massing, according to the company. The first volume offers three floors and a 20,000-sq.-ft. retail space with transparent glass materials; the second volume hosts hotel suites with a metal screen facade that allows for visibility, but privacy; the third volume is home to the hotel amenities including a sky lobby, restaurant, pool and lounge area; and the top volume is intended for additional hotel suites, while the exterior offers parklex louvers, an exterior timber product. The building design also offers a rooftop space and three additional terraces with greenery totaling 15,000 sq. ft.