KOREATOWN – The blocks of NoMad and its immediate surrounds remain incredibly active in terms of new development, and the wave of construction sweeping Fifth Avenue is about to yield yet another skyscraper. Today, YIMBY has an exclusive first look at what’s in store for 316 Fifth Avenue, in Koreatown, where developer Cottonwood Management is planning a 539-foot-tall tower designed by Kohn Pedersen Fox.
Permits for the project were filed back in July of 2017 and show a 39-story building with a predominantly residential makeup of 27 full-floor or larger condominiums. That component will total 52,340 square feet, while a commercial-retail base will have 6,809 square feet on the first two floors.
Demolition of the site’s former occupants has now wrapped, with advocates of preservation failing in efforts to red-tape the previously extant structures, now reduced to rubble. No completion date for the tower has been announced but the plan exam was denied by the DOB last week, so things will have to be re-filed before work can begin in earnest.