| VENUE NEWS 05.21.08 12:13 PM |
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Related Companies Lands Hudson Yards Development Deal
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 | A rendering of the proposed development
Rendering: Courtesy of the Related Companies |
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After returning to the negotiating table last week due to issues over Tishman Speyer's Hudson Yards proposal, the Metropolitan Transit Authority announced an agreement with the Related Companies and its financial partner, Goldman Sachs, on Monday. The plan for the 26-acre parcel of land from the developer includes—according a fact sheet sent out yesterday—housing, office space, restaurants, retail space, parks, and culture and education facilities.
More specifically, the Related Companies is looking to create a nine-acre public park, incorporate the Hudson Yards development with the High Line, and build a 120,000-square-foot cultural facility. In addition to these facets, the project is to also include one million square feet of retail space and a hotel property.
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RELATED TOPICS
Hudson Yards, Related Companies, Goldman Sachs |
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| VENUE NEWS 05.14.08 1:02 PM |
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Hudson Yards Deal Back on the Table
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 | Hudson Yards
Photo: Mario Tama/Getty Images |
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Less than seven weeks after the Metropolitan Transit Authority selected Tishman Speyer to redevelop the Hudson Yards, the agency and the real estate developer have revealed that the deal has fallen through. According to various news outlets (including The New York Times), negotiations came to a halt over funding and the economic climate, as well as rezoning issues for the West Side's 26-acre lot.
The MTA released this official statement yesterday: "The MTA met today with Tishman Speyer. Despite the best efforts of both sides, a final agreement could not be reached. The MTA has now re-entered discussions with other interested developers and remains committed to timely development of these unique and valuable parcels of land on Manhattan's far West Side."
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RELATED TOPICS
Hudson Yards, Tishman Speyer, Durst Organization, Vornado Realty Trust, Extell Development Company, Brookfield Properties Corporation, The New York Times |
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| VENUE NEWS 03.28.08 4:43 PM |
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Tishman Speyer to Develop Hudson Yards
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The area around the High Line is about to get fancier: The Metropolitan Transit Authority has selected Rockefeller Center owner Tishman Speyer as the developer for its 26-acre Hudson Yards. Announced at a press conference on Wednesday, the winning $1 billion bid involves constructing more than 12 million square feet of commercial, residential, retail, cultural, and community space over the West Side rail yards.
Although new governor David Paterson and Mayor Michael Bloomberg dismissed those who believe the economic climate will cause delays, others aren't quite as optimistic. A particularly scathing New York Times piece, published yesterday, asserts that the project "seems to be a wishful fantasy." The article goes on to compare the development with "the ground zero and Atlantic Yards fiascos" and criticize those involved, believing the project "signals a level of cynicism that should prod us to demand a moratorium on all such development until our public officials return to their senses." —Anna Sekula
RELATED TOPICS
Tishman Speyer, Hudson Yards, The New York Times |
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