A majority of tenants at the Fulton and Chelsea Elliott Houses NYCHA public housing complexes in Chelsea, Manhattan have voted in favor of a controversial proposal to demolish and replace their buildings, which are located in the shadow of Related’s Hudson Yards on some of the world’s most valuable real estate.
According to the non-binding survey, the vote does not legally commit the city to the demolition plan, but it has initiated a new phase of planning, with private developers and the New York City Housing Authority (NYCHA) pursuing the proposal.
The plan was put forth by developers Related Companies and Essence, who were previously selected by tenant leaders to run the properties under a switch to private management. The firms estimate that the original plan to renovate the existing apartments would cost around $1bn, which is the same price as rebuilding from the ground up.
The tenant vote to demolish the complexes has come as NYCHA is currently facing more than $40bn in needed capital repairs after decades of disinvestment.
The rebuilding proposal would also allow the developers to erect a mix of 3,500 new luxury and income-restricted apartments on the current grounds of the NYCHA campuses,.
The proposal would depend on rezoning approval to build large complexes and add the market-rate housing.
