The Hudson Yards mega-complex, currently rising over the rail yards on the far West Side, is the sole catalyst for literally dozens of new developments in the area, made possible in part by the creation of a special district that loosens zoning restrictions and encourages construction. The latest project to materialize out of these incentives isn't definite yet, but gosh darn it, it's a big one. The Times reports that JPMorgan Chase is in talks with the city and state to build a $6.5 billion campus on 33rd Street between Tenth and Eleventh avenues. The HQ would include two high-rise towers with a combined square footage "the equivalent of about two Empire State Buildings." Wowza. They'd pack 16,000 staffers inside.
Negotiations are complex and ongoing, and involve how many concessions Chase would get for building the towers, boosting the economy, and being a major employer, and also just how much Chase would have to pay out for development rights and other costs. Stay tuned.
· JPMorgan Chase Seeks Incentives to Build New Headquarters in Manhattan [NYT]
· The Definitive Guide to the Hudson Yards Development Boom [Curbed]
· All Hudson Yards coverage [Curbed]