Chelsea Market, New York City’s spacious food and retail destination in the Meatpacking District, a go-to-stop for locals and tourists alike, will see its space double in size with a $35 to $50 million overhaul.
Owner, Jamestown Properties, plans to renovate the basement of the 1.2 million-square-foot property into 80,000 square feet of retail space to include a central corridor linking all stores together. The project should take about five years.
In addition, existing ground-floor tenants like Anthropologie will be able to add retail space underneath, while other stores will have the opportunity to make a complete move downstairs.
Currently, retail rents go for $400 per square foot on the ground floor. Lower level spaces will cost significantly less.
Jamestown plans to build new offices upstairs. Those incoming tenants, along with new office developments in the neighbourhood, are expected to drive demand for the expansion.