Green behind People’s Pier

Letters to the Editor

To The Editor:
We have been dismayed by recent articles and editorials in Chelsea Now claiming that the Hudson River Park Trust considers The People’s Pier “financially unviable” and “no longer...under consideration because of its financial uncertainty.” According to the Trust, they never said any such thing.

In fact, we believe The People’s Pier is the only financially viable solution available for Pier 40. It is an environmentally friendly, low-impact plan that enhances the structure and benefits the community. Under our plan approximately 85 percent of the pier’s activity would be made up of community amenities and public/nonprofit spaces. Our plan would qualify for tax-exempt bond financing, minimizing any exposure to the crisis in the private credit markets. Additionally, our developer equity is documented, in writing, to the Trust. Our most recent submission to the Trust includes a revised construction budget with an additional $50 million that includes a substantial contingency fund.

Our project will fix the pier, generate rent and PILOT payments for the Trust, pay for all the expenses of maintaining the pier and return a profit to our investors, all while providing free use of educational and recreational space for thousands of New York City children. Our project does not require any public funds and, although we will actively seek an extended lease, is viable with a 30-year lease term. There is no question that our proposal is a low-impact, community-oriented plan, more modest in its uses, construction and finances. But moderation is not a bad thing, especially given today’s economic environment. Finally, as a formal proposal in response to the R.F.P., our plan can be enacted upon designation, limiting any construction escalations or uncertainties.

Misinformation and rumor have been a part of the Pier 40 process from the beginning. We have asked the Trust if they made any official comments on our financial viability, and their answer was a categorical “no.” If you have other information, we would like the chance to see it and respond.

If, however, it is just rumor, we urge you to set the record straight. We would welcome the chance to answer any questions you might have. The future of Pier 40 is at hand. The best way forward can only be reached by separating fact from fiction, so that choices can be made based on real information. With a readership so invested in the pier’s future, we ask that you be a part of that process.
Mark Benerofe and Jai Nanda
Benerofe is director of business development for CampGroup, and Nanda is founder and executive director of Urban Dove. CampGroup and Urban Dove are the team behind The People’s Pier proposal for Pier 40