Construction of 278 8th Avenue in Chelsea is progressing steadily and is currently nearing its topping out phase. Located at the corner of 23rd and 8th Avenue in Chelsea, 278 8th Avenue will soon be home to a new concrete structure that will house a mix of residential and commercial spaces, including a Target store.
The previous occupant of the site was a two-story, 25-foot-tall commercial structure with 198 feet of frontage, which housed a Gap retail store, New York Sports Club facility, and a CVS pharmacy store. The location is steps from the 23rd Street subway station, serviced by the C and E trains.
Designed by FXCollaborative and developed by Alchemy-ABR Investment Partners and Chelsea 23rd Realty Corporation, an LLC affiliated with JJ Operating, the 175-foot-tall structure will yield 132,700 square feet with 190 rental apartments and multiple levels of retail space.
Square Mile Capital and Pacific Western Bank provided $183 million in construction financing for the project, which is being constructed by Leeding Builders Group between West 23rd and West 24th Streets.
Renderings of 278 8th Avenue show a brick façade framing floor-to-ceiling windows, with opaque glass paneling along the floor plates of the multi-story spans. The property is set to yield 33,000 square feet of retail space on the ground floor and cellar levels, with a Target as the anchor tenant with 28,000 square feet.
Residential amenities will include a rooftop terrace, an additional outdoor terrace on the second floor, a fitness center, a communal lounge, a speakeasy, touch less elevator and lobby access, and a bicycle room.
The installation of the building’s façade is currently underway, with crews utilizing suspended wooden platforms on all four sides of the structure. As a safety precaution, orange netting has been put in place to cover the edges of the floor plates, providing protection for workers until the windows are installed. This meticulous approach towards safety is indicative of the conscientiousness of the construction team and their dedication towards ensuring the well-being of all personnel involved in the project.
Construction of 278 8th Avenue began in fall 2021, with a groundbreaking ceremony attended by local officials and members of the community. Construction on the 40,000-square-foot property extends from West 23rd Street to West 24th Street. Its prime location near the 23rd Street subway station serviced by the C and E trains make it a much-anticipated addition to the community.
Updates on the construction progress of 278 8th Avenue will be provided as the project nears completion.
