Long-stalled Seaport project faces another delay after change of ownership

Howard Hughes Corporation's recent spinoff of the Seaport to Seaport Entertainment Group has raised questions about the future of the South Street complex and particularly the stalled development of the 250 Water Street site. Although the site was previously approved for an ambitious mixed-use project, legal challenges delayed its development. The new ownership under SEG, which has begun leasing spaces such as the new Grupo Gitano venue on Pier 17, may indicate a shift in strategy, as they consider the next steps for the valuable vacant lot nearby.

The Seaport's new owner-operators, Seaport Entertainment Group (SEG), have signed a lease with Grupo Gitano for a nearly 14,000 square-foot space, signaling new developments.

HHC's plan for 250 Water Street, a pivotal mixed-use site, has faced years of litigation and now remains uncertain following the Seaport spinoff.

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