HUDSON YARDS?The "conditional selection" of Related Companies/Goldman Sachs to develop the Hudson Yards after the Tishman Speyer deal fell apart was formally announced this afternoon by the Governor, Mayor and MTA Direcector. The MTA Board will be meeting on Thursday to approve the "Murdochville" deal. If one didn't know the messy history of the plan to date, it would have appeared by the releases being sent around that Related was the first choice all along. Doom and gloom, be gone. The Governor was quoted as saying that "This agreement highlights the resilience of public-private partnerships in the face of the national economic downturn that we are experiencing." Mayor Bloomberg, on the other hand, said that "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."
Here are the details about the related proposal for the Eastern Rail Yard and the Western Yard (the latter being the stumbling block with Tishman Speyer):
Eastern Rail Yard: "The 13-acre Eastern Rail Yard (ERY), between 10th and 11th Avenues from West 30th to 33rd Streets, was re-zoned in January 2005 as part of the City’s Hudson Yards re-zoning, and allows for approximately 6.27 million square feet of mixed-use development (11 FAR), including office, residential, hotel, retail, cultural and parking facilities, and requires approximately seven acres of public open space. The Related/Goldman Sachs plan, organized around a grand civic plaza, will construct:
* 5 buildings, 6.27 million sf total
* 1.67 million sf residential with 612,000 sf 80/20 rental (approx. 830 units) not less than 20% permanent affordable and 1.05 million sf condominium residences (approx. 692 units)
* 3.57 million sf commercial office
* 565,000 sf retail
* 265,000 sf hotel
* Dedicated area for 200,000 sf community/cultural
* 55% of site public open space"
Western Rail Yard: "The 13-acre WRY, bordered by West 30th and 33rd Streets, between 11th and 12th Avenues, needs to now go through the City zoning/ULURP approval process. The Related/Goldman Sachs plan adheres to the design guidelines outlined in the MTA’s RFP, and the development consists of approximately 5.75 million sf, including:
* 8 buildings, 5.75 million sf total
* 3.63 million sf residential with 960,000 sf 80/20 rental (approx. 1,324 units) not less than 20% permanent affordable and 2.67 million sf condominium residences (approx. 1,927 units)
* 1.92 million sf commercial office within one building
* 192,000 sf of retail
* 120,000 sf PS/IS school
* Over 55% of site public open space"