Presentation to the New York Building Congress
Hudson Yards – Project Update
September 12, 2012
HUDSON YARDS DEVELOPMENT CORPORATION
Hudson Yards Project Area
Hudson Yards Area is bounded by West 43rd Street, 7th & 8th Avenues, West 30th
Street and 12th Avenue
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HUDSON YARDS DEVELOPMENT CORPORATION
The Redevelopment Opportunity
Looking north from West 28th Street Looking east from West 31st Street
Antiquated and restrictive zoning
Poor mass transit access
No public open space
Large tracts of under-developed land devoted to public transportation uses
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HUDSON YARDS DEVELOPMENT CORPORATION
Master Plan: Caemmerer West Side Yard released by the
MTA (1988)
•Plan proposed a mixed-use development of the MTA Rail Yards and the block south of the Javits Convention Center
•Report concluded a rezoning was necessary to permit a floor area ratio of 12 to support the plan
•Success of plan contingent upon extension of rapid transit access to the area
Special Jacob K. Javits Convention Center
District Created (1990)
•Established to facilitate mixed-use development adjacent to the Javits Convention Center
•Permitted FAR as high as 10 for residential, office, hotel, and community facility uses on sites surrounding the Javits plaza
•No development resulted
City Planning Commission Study of
the Hudson Yards Area (1993)
•Shaping the City’s Future report concluded that expanding existing CBDs was essential to accommodate long-term growth
•Hudson Yards was identified as an extension of the Midtown CBD
•Report concluded that the City must ensure “that appropriate as-of-right zoning is in place to accommodate expansion and future office needs.”
•The report suggested extending the No. 7 Subway west through Hudson Yards and on to New Jersey
The HY Idea Takes Shape
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HUDSON YARDS DEVELOPMENT CORPORATION 4
The HY Project Plan Evolves
•Study linked land use and future development with expansion of mass transit
•Existing conditions analysis of HY area focused on land use, transportation infrastructure and services, and the area’s tax base
•Transportation analysis of whether the street network could support additional development
• Identified the need for a “self-financing” model for the subway extension
DCP Study of Extending the No. 7
Subway Line to Hudson Yards (1999)
• Identified the need for a transit-oriented mixed-use extension of the Midtown CBD
•Established three essential components for redeveloping the HY area:
•Rezoning to allow for millions of square feet of mixed-use development
•Construction of the No. 7 Subway Extension
•Creation of open space amenities to attract businesses, residents, and visitors
Far West Midtown: A Framework for
Development (2001)
•DCP and NYCEDC engaged a multi-disciplinary urban design team to create a master plan for HY in 2002 Master Plan (2002)
•City of New York hired consultants Economics Research Associates (ERA) and Cushman & Wakefield (C&W) to forecast long-term growth of office-using employment (OUE) and to analyze HY’s ability to capture future demand for Class A office space in Midtown
Demand Study (2002)
•DCP releases Preferred Direction Plan for HY in 2003
•PDP confirmed the need for the three project components outlined in the 2001 Far West Midtown report
Preferred Direction Plan (2003)
HUDSON YARDS DEVELOPMENT CORPORATION
The Public Sector Organizes
City creates the administrative structure to execute the HY plan
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HUDSON YARDS INFRASTRUCTURE CORPORATION HUDSON YARDS DEVELOPMENT CORPORATION
Created in 2004 Created in 2005
Oversees project financing and cost containment Responsible for the implementation of City’s HY
development program
Board members:
OMB Budget Director
Deputy Mayor for Operations
Deputy Mayor for Economic Development
City Comptroller
Speaker of City Council
Board members:
All five HYIC Board Members, plus:
Commissioners of SBS, Parks, HPD and City
Planning
President, NYCEDC
Manhattan Borough President
Council Member for District 3
Community Board 4 Chair
Staffed by City’s Office of Management and Budget 9 full-time employees
HUDSON YARDS DEVELOPMENT CORPORATION
Land Use
Predominantly
residential
Mixed use
Predominantly
Commercial
Open space
Cultural
12/19
6.5(10)/13
6.5(10)/12
10/19.5
10/18
6 6.5/15 6
11
10/33
7.5
10/15
10/12
10
6.5/
13
10/24
10/21.6
10/20
10/12
10/33
10/24
10/
21.6
34th St.
42nd St.
8th
Ave.
10
th A
ve.
10
The 2005/2009 Rezonings
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HUDSON YARDS DEVELOPMENT CORPORATION
Construction of No. 7 Subway Extension and Hudson Park & Boulevard
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HUDSON YARDS DEVELOPMENT CORPORATION
No. 7 Subway Extension - The Nation’s Largest Transit-Oriented Development Project
From left to right (clockwise):
Completed subway running tunnel; West 34th Street
Station mezzanine; the entrance to the new
subway station located on West 33rd Street,
between 10th and 11th Avenues
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HUDSON YARDS DEVELOPMENT CORPORATION
Hudson Park & Boulevard
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Hudson Park and
Boulevard → Clockwise:
Block #1 (West 33rd/34th
Streets); Block #2 (West
34th/35th Streets); and
schematic design of park
and boulevard;
33RD ST
35TH ST
36TH ST
34TH ST
HUDSON YARDS DEVELOPMENT CORPORATION
Forecasting Future Development
As a result of the 2005/2009 rezonings, Hudson Yards district can now accommodate :
25 million square feet of new office development
20,000 units of new housing
2 million square feet of new retail
3 million square feet of new hotel
2011 Hudson Yards Demand Report prepared by Cushman & Wakefield projects that
demand for new development in Hudson Yards district will result in full build-out by
2041
Developers have invested approximately $6.3bn to build 9.1 million square feet of new
office, residential and hotel development in Hudson Yards since the 2005 rezoning
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HUDSON YARDS DEVELOPMENT CORPORATION
Private Sector Development: Residential and Hotel Construction in HY Since
2005
MiMA, 440 West 42nd Street (Related Companies)
More than 5,000 apartments built since
2005, including 1,600 affordable housing
units:
MiMA (2011)
500 rental units; 151 luxury condos
The Orion-West 42nd Street (2005)
551 luxury condos
505 West 37th Street (2010)
855 rental units
Silver Towers (2009)
1,349 rental units
Silver Towers, 600 West 42nd Street
(Silverstein Properties)
3,000 new hotel rooms completed since 2005, with 539
new hotel rooms under construction. Notable projects
include:
Yotel (2011)
– First U.S. location for European concept of “pod-
style” accommodations
– 669-room property opened in June 2011 as part of
MiMA, Related’s $800 million mixed-use project on
West 42nd Street (between Dyer and Tenth Avenues)
Three adjoining hotels on West 40th Street opened in
2009 and 2010
– Fairfield Inn (244 rooms)
– Four Points by Sheraton (248 rooms)
– Staybridge Suites (310 rooms)
Hotel Developments Residential Developments
Yotel, 570 Tenth Avenue The Orion, 350 West 42nd Street
(Extell Development)
Silver Towers, 600 West 42nd Street
(Silverstein Properties)
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HUDSON YARDS DEVELOPMENT CORPORATION
Residential Projects in the 2012 Pipeline
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Address Developer # of Units
605 West 42nd Street Moinian Group/Rose
Associates
764
10th Avenue at West 41st Street Extell Development Company 600
509 West 38th Street Iliad Realty 250
West 36th Street (between 10th
and 11th)
Lalezarian Developers 200
500 West 30th Street Related Companies / Abington
Properties
400
Total 2,214
HUDSON YARDS DEVELOPMENT CORPORATION
The Midtown CBD Moves West
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The future of West 34th Street and 11th Avenue, as envisioned by The Moinian Group (left) and
the Extell Development Company (above). The planned state-of-the-art mixed-use towers are
north of the Related Companies’ rail yards development.
HUDSON YARDS DEVELOPMENT CORPORATION
Hudson Yards: 2013/2014
The new 34th Street and 11th Avenue Station will accommodate up to 30,000 peak-hour riders when Hudson Yards is fully developed
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HUDSON YARDS DEVELOPMENT CORPORATION 15
Hudson Park and Boulevard → From left (clockwise): Block #1
(West 33rd/34th Streets); Block #2 (West 34th/35th Streets); and
Block #3 (West 35th/West 36th Streets)
Hudson Yards: 2013/2014