Pier 40 Redevelopment Advisory Services
Hudson River Park Trust (New York City)
The Hudson River Park Trust, a non-profit organization created by the State of New York, manages development of a new five-mile park along the Hudson River in Manhattan. The Trust also seeks private and non-profit partners to reuse large pier structures to generate revenue, provide recreation, and create community benefits.
BAE was engaged in 2004 to evaluate a range of concepts for the reuse of Pier 40, a 1.2 million square foot former passenger terminal. BAE analyzed market demand and the potential benefits of destination retail, public food market, events center for non-profit organizations, aquariums, maritime recreational uses, educational facilities, and museums/cultural facilities. For each use, BAE profiled examples from around the world, interviewed potential users/developers, and evaluated the use according to specific benefit criteria and market demand. The BAE Market Scan also identified risks and recommended a series of next steps including an innovative non-profit approach. The study was presented to the Community Board as part of the process.
In 2006, the Trust engaged BAE to draft a new RFP for a for-profit master developer. BAE created an attractive document, developed national ads, and prepared a targeted mailing list, resulting in several exciting proposals from local and national developers. BAE assisted the Trust in evaluating the submittals, including extensive financial analysis, assessment of creditworthiness, and evaluation of capabilities. BAE recommended changes in proposed business terms, and evaluated subsequent modified submittals. Eventually, as a result of community interest in seeking increased amounts of public space as well as the economic downturn, the Trust determined that neither submittal would achieve these goals, and suspended the process.