| VENUE NEWS 05.21.08 12:13 PM |
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| Related Companies Lands Hudson Yards Development Deal |
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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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PHOTO GALLERY |
 | One of the proposed facilities
Rendering: Courtesy of the Related Companies |
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 | A look at the public spaces
Rendering: Courtesy of the Related Companies |
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 | A view of the overall development
Rendering: Courtesy of the Related Companies |
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Mayor Michael Bloomberg, who spoke out when negotiations between the MTA and Tishman Speyer fell through, released an official comment on Monday.
"Today's announcement that the MTA will award Related Companies, in partnership with Goldman Sachs, the development rights for the West Side Rail Yards is great news for the City. Despite the setbacks of the last few weeks, we are certain that Related and Goldman will realize this tremendous opportunity to develop what is really the only large parcel of undeveloped space left in Manhattan. The attractiveness of this area for developers stems in part because the City is funding an extension of the Number 7 subway line, making this vital new mixed-use community of residential, commercial, and office space a truly transit-oriented development. We will continue to work with the State, MTA, and with the developer to help make the Hudson Yards development a reality."
—Anna Sekula
RELATED TOPICS
Hudson Yards, Related Companies, Goldman Sachs
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