The owner of Chelsea Market plans to spend $35 million to $50 million to double the size of the meatpacking-district property’s retail space.
Jamestown has started to renovate the mostly unused lower level of the 1.2 million-square-foot property into 80,000 square feet of retail. The company has already started to transform a boiler room into restaurant space. Additionally, Manhattan Fruit Exchange plans to move its distribution operations out of Chelsea Market's basement, freeing up space for Jamestown to convert. The greengrocer will maintain its ground-floor retail store at the market.
According to Michael Phillips, Jamestown’s president, the real estate investment firm is aiming to convert the entire basement over the next five years. The spaces will be linked by a central corridor that Jamestown will create, allowing shoppers and visitors to stroll between stores below ground just as they do today on the ground floor.
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