Oxford Development plans 33-story office tower Downtown
Oxford Development Co. said today it plans to build a 33-story office tower Downtown, or renovate the six-story building that’s already on the Smithfield Street site, between Forbes and Fifth avenues. The $238 million tower to be known as 350 Fifth would have space suitable for an “anchor tenant” in its 772,000 square feet of space, Oxford officials said. “We are pleased to announce 350 Fifth, and the redevelopment of the strategic property that stretches the block between Fifth and Forbes,” CEO Steve Guy said. “The project will be selected and active development started by the last quarter of 2012. That ‘s a firm commitment today.” The current building would be demolished if Oxford decides to build the high-rise, which would feature upscale retail and office space. Leases at the building are being allowed to expire, so that Oxford can take control of the structure, the company said. If it’s renovated, at a cost of $40 million, the building would feature open floor plans and a rooftop deck, along with a redesign of the retail space with outdoor seating. The building could become one of three new towers that soon will rise in the Golden Triangle. The Tower at PNC Plaza, a $400 million, 33-story “green building” is under way at Woods Street and Forbes Avenue and should be completed by mid-2015. Plus, construction should start later this year on the Gardens at Market Square, a $77 million, 17-story complex of hotel, office and retail space along Forbes Avenue. The 350 Fifth project would be Oxford Development’s second project to add to Downtown’s skyline, having built One Oxford Centre on Grant Street.