Columbia Property Trust files for additional $4.5M rehab at historic Terminal Warehouse in Chelsea

Columbia Property Trust, on June 23, filed a permit application for a $4.5 million rehabilitation of the roof and outside space at the historic Terminal Warehouse at 224 12th Avenue in Chelsea. The building also uses the address 261 11th Avenue and is located in the West Chelsea Historic District.

The plans call for a rehab of the roof and outside space of the 85-foot tall, 9-story building.

The project is described in the filings as: general facade restoration as per plans filed herewith. Associated rooftop restoration work on existing chimney and existing skylight. No changes in use, egress or occupancy.

The work will be done by Thornton Tomasetti, per the plans filed.

Normandy Real Estate Partners, which was was acquired by its long term business partner Columbia Property Trust for $100 million in 2019, and L&L Holding Company teamed to buy the building for $880 million in October of 2018.

After acquiring Normandy, Columbia reached an agreement-in-principle to commit a $53 million equity investment in the joint venture to revitalize the building.

Plans were filed by Columbia on June 26, 2019, for a $73 million project that would transform 500,000-square-feet of the building’s storage sections into office space and a courtyard.

The revitalization plans were unanimously approved by the city’s Landmarks Preservation Commission earlier this year.

Direct link to DOB document. LINK

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