Site's Downtown redevelopment marketed amid high-rise plans
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Oxford Development Co. has begun marketing a $40 million redevelopment of a seven-story building at 441 Smithfield St., Downtown, but that doesn't mean the firm has given up on plans for a $238 million, 33-story skyscraper at the site, a spokesman said.
Oxford Realty Services sent out marketing material Friday for the 175,000-square-foot redevelopment, called 350 Fifth Avenue, which would feature a redesigned entrance on Fifth, new mechanical systems and Class A office finishes.
While the marketing of the renovations might suggest that Oxford has ditched plans for the costly high-rise, which is in need of an anchor tenant, spokesman Mark Grasso said that is not the case. As the Oxford Realty division markets the redevelopment, Oxford Development will continue to promote the high-rise and search for an anchor tenant.
"It's just better for us to market the concept of the two options," he said. "This way, we don't have the same people trying to market both of them at the same time."
Mr. Grasso said Oxford still is on target to make a decision on which path to follow -- high-rise vs. redevelopment -- by the end of the year.
First Published October 6, 2012 12:00 am