Fulton Street is going back to the future.
The lower Manhattan commercial strip is set to receive a multimillion-dollar makeover to restore its storefronts to what they looked like a century ago.
The Fulton-Nassau Crossroads Program – handled by the Economic Development Corp. – will offer business owners up to $275,000 each in federal funds to revamp their buildings.
The voluntary program – which has strict guidelines and uses funding obtained by the Lower Manhattan Development Corp. – will also offer assistance for construction and getting permits.
The EDC estimates that about 80 buildings and 150 storefronts could be eligible in the target area of Fulton Street between Broadway and Pearl Street, and Nassau Street between Spruce Street and Maiden Lane.
“An opportunity now exists for Fulton Street to become lower Manhattan’s vibrant 24/7 ‘Main Street,’ ” say EDC design guidelines.
“The mix of retail that exists today on Fulton and Nassau streets does not optimize the potential of the area,” it reads. “The poor condition of many buildings conceals details of historic and architectural merit, signage is chaotic and often inadequately maintained, and the pedestrian experience is fragmented.”
Many of the buildings date back to the 1800s, and if renovated, will have picturesque windows, large storefront displays and smaller signs.
Transforming Fulton Street is particularly important with the pending private development planned for South Street Seaport and the rest of lower Manhattan.
The EDC made a presentation about the project to a supportive Community Board 1 in lower Manhattan last Tuesday.
The rehab will “create a more welcoming and attractive environment” for “one of lower Manhattan’s busiest corridors,” said Robert Lieber, deputy mayor for economic development.
The project is the second phase of a $37.3 million LMDC-funded revitalization of the area, which includes new streetscapes and park spaces.