In 1959, the City of New York attempted to acquire the land under this development through eminent domain as part of the Battery Park Urban Renewal Area. The plan involved consolidating several blocks into a "superblock" for public housing. When that plan fell through, the city hoped to entice the New York Stock Exchange to relocate to the property. However, the owner of the property—the firm of Atlas McGrath—successfully sued to retain their land, claiming they were more than willing to develop the site privately.