Ground Broken on Hudson Yards, The Largest Undeveloped Property in Manhattan
New York—Construction began today at Hudson Yards, formerly the largest undeveloped property in Manhattan. Related Companies and Oxford Property Group broke ground on the site, which, when completed, will feature retail space and 5,000 residences.
“Today we start construction on Hudson Yards and prove yet again that New York City is the greatest city in the world and will remain so,” Stephen Ross, founder and chairman of Related Companies, tells MHN. “The tower we begin will anchor a new neighborhood, the new heart of New York—with state-of the-art commercial space, destination retail and vibrant restaurants, a unique cultural center, over a dozen acres of public space with iconic plazas and important public art, a school, residences, affordable housing—all the elements that make this city great.”
Hudson Yards will be comprised of several towers, which will be linked by retail space. The property will feature shopping, movie theaters, restaurants, markets and bars. Many businesses are committing to moving their corporate offices there, such as Coach Inc., which is purchasing nearly 740,000 square feet.
Additionally, Hudson Yards will feature residential units, some of which will be designated affordable, as well as a public school, hotel and non-profit cultural facility.
Hudson Yards is conveniently located on the West Side of Manhattan, close to the West Side Highway and Lincoln Tunnel. The 7-subway line is also being extended with a stop close to the Hudson Yards community.
The development of Hudson Yards is expected to create tens of thousands of construction jobs, bolstering the local economy.
“Developing Manhattan’s final frontier is the next major step in our city’s ongoing economic revival,” Mayor Michael Bloomberg said. “The Hudson Yards project—whose construction will create 23,000 jobs alone and whose existence will support thousands more—is a testament to our city’s economic strength. Related and Oxford’s massive and bold investment in this project and the commitments from these tenants demonstrate the confidence in the city’s future and the future of the West Side.”
Ross echoed those sentiments.
“The history of our city has been defined by a series of moments where dreamers dug deep into their imagination, challenged the realm of possibility and brought the seemingly unachievable to life,” he said. “For 21st Century New York, today is our moment as we start the Hudson Yards, one of the most ambitious developments ever undertaken in the country. Hudson Yards will be the new heart of New York City… Today we see our collective vision come to life and we again establish that when New Yorkers come together, nothing can stop us.”
Construction for the first tower is expected to be completed in 2015.Tags: Mergers and Joint Ventures, New Development