Final Form
After the project’s long and tedious approval process, the actual construction of the project proved to be quite painless, says Becker. The team restored the tower to its original splendor, repairing the cracked masonry and using historic photographs to replicate the missing parts. On the inside, the National Park Service allowed for an interpretive restoration because documentation was limited. “So we had a free hand with the interior. It’s actually very exciting,” says Becker. “There’s lots of glass, steel, and light.”
The 30,000-square-foot tower features a public art gallery and an array of residential amenities. The most memorable feature: a recreation of the tower’s original seven-story “flying” circular staircase, which captured the attention of Charles Dickens and was noted in his travelogue, American Notes.
The spiral staircase received rave reviews from the nurses who once lived in the building. At their recent reunion, one nurse recalled how she used to slide down the banister of five flights of stairs. But at the reunion, the 85-year-old was content to simply pose for a photo on the stairs.
1 Keep your eyes open for new financing opportunities. Becker + Becker planned to use FHA-insured tax-exempt bond finance but instead formed a joint venture with the real estate equity fund Multi-Employer Property Trust, which sped up the financing process.
2 Explore all possible financial incentives. The developer “greened” the project, taking advantage of green building state tax credits.
3 Invite the community to be a part of your project. The Octagon features a 2-acre ecological park, preschool, and public art gallery showcasing the history of the building and Roosevelt Island.