After years of uncertainty, developers are finally poised to begin work on the Hudson Yards in hopes of transforming the far west side of Manhattan into what Mayor Michael Bloomberg is calling New York’s next great neighborhood. NY1’s Bobby Cuza filed the following report.
A new deal has been reached to transform the Hudson Yards, 26 acres of undeveloped land currently home to rail yards, into a sprawling, mixed-use site anchored by two soaring office towers.
After years of delay, construction is moving forward thanks to the commitment of handbag maker Coach as anchor tenant.
“This deal means that the market has spoken. The far west side’s economic potential is now becoming a reality,” said Mayor Michael Bloomberg.
The 51-story building Coach will occupy will stand at the corner of 30th Street and 10th Avenue. A platform must be built over much of the rest of the site, which will be home to apartment buildings and, among other things, a hotel, a public school, and a cultural space that could host Fashion Week.
“There’s affordable housing, there’s art, there’s jobs, there’s open space, there’s culture,” said City Council Speaker Christine Quinn.
City officials also announced an agreement in principle to obtain the third and final section of the High Line, which runs through the site, to be made an extension of the existing park.
“We at Related look forward to continuing to work with the city and the Friends of the High Line to transform segment three and make it a very special place,” said Stephen Ross, chairman and CEO of Related Companies.
Key to the area’s development is the extension of the number 7 subway line, which is being extended from Times Square all the way to the corner of 34th Street and 11th Avenue. Being built by the Metropolitan Transportation Authority but paid for by the city, Bloomberg said the project is on budget and scheduled to open in December 2013.
Construction will begin on the Coach tower in the middle of next year, with the building ready for occupancy in 2015. The entire site won’t be complete for 10 to 12 years.