March 14, 2017
Developer Sy Ghassemi has canceled plans to build a 10-story high-rise made of wood in Manhattan’s Chelsea neighborhood.
The building would have been made of “mass-timber,” specially engineered to support high-rise construction. SHoP Architects created the design for 475 W. 18th St., which won the Tall Wood Building Prize from the U.S. Department of Agriculture, along with a tall wood project in Portland, OR, where LEVER Architecture designed a 12-story building that is under construction. The USDA supports mass timber because it is a sustainable building material.
The tall wood project in New York was reportedly killed in part by the weakened market for condominiums in New York City, and the shrinking willingness of lenders to finance new construction.
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