Largest NYC Development Since Rockefeller Center Will Create Nearly 23,000 Construction Jobs
Hudson Yards, the $15 billion "city within a city" slated by Related Cos. for 26 acres of former railroad storage yards in Midtown Manhattan, has formally gotten under way.
Mayor Michael Bloomberg and City Council Speaker Christine Quinn joined Related Chairman Stephen M. Ross and OMERS Investment Committee Chair Bill Aziz at a ceremonial groundbreaking Tuesday for the skyline reshaping project on the largest piece of undeveloped property in Manhattan.
Construction began officially today on the first tower, the 1.7 million-square-foot, 47-story South Tower, at the northeast corner of 10th Avenue and 30th Street. The building designed by Kohn Pedersen Fox Associates will be completed in 2015, when it will become the home of Coach Inc.’s world headquarters. Coach Inc. is purchasing about 740,000 square feet in building.
The South Tower will be followed by the North Tower of 2.4 million square feet at the southwest corner of 10th Avenue and 33rd Street. The two towers will be linked by a major retail complex.
More than 40,000 people will eventually live or work in the project, which expands midtown’s CBD to the west side and constitutes what Related's Ross described as one of the most ambitious developments ever undertaken in U.S.
"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," said Bloomberg.
Oxford Properties Group, the real estate investment and development arm of the OMERS Worldwide group of companies, in 2010 partnered with Related as general partners in the development. Related and Oxford signed a contract with the MTA for the 13 million square feet of development rights at the Hudson Yards in May of that year.
The project will be the largest private development in New York City since Rockefeller Center, accommodating over 13 million square feet, including over 6 million square feet of commercial space. Hudson Yards will include 750,000 square feet of destination retail space with five floors dedicated to shops, cinemas, specialty destination restaurants, markets and bars.