New York’s MTA finalizes Hudson Yards deal
Written by jrood
The Metropolitan Transportation Authority said it has entered into a contract with a joint venture of Related Companies and new partner Oxford Properties Group for the development of the MTA's Hudson Yards into a mixed-use community that will include 12 million square feet of commercial and residential development. The deal calls for the MTA to lease the site to the joint venture for 99 years, with purchase options, and will provide $1 billion for vital MTA capital projects.
"This is a
tremendously exciting development project that together with the extension of
the 7 line will turn this area into a vibrant residential and commercial
neighborhood," said MTA Chairman and CEO Jay H. Walder. "We were also
able to maximize value for the MTA and provide a new revenue stream to support
many of our vital capital projects."
Jay Cross, President of
Related Hudson Yards, said, "Related and its new partner Oxford Properties
Group look forward to continuing the progress to create New York’s next great
neighborhood. The West Side Yards is not only a transformative development
opportunity, but represents the future growth of New York City."
The developer will
construct a deck over the portion of the yards currently used for Long Island
Rail Road operations without interrupting LIRR service. The development will be
a unique 26-acre sustainable mixed-use neighborhood including 12 acres of
public open space, cultural amenities, a new public school and housing and
commercial opportunities for all New Yorkers.
Related and Oxford are
making a $21.75-million deposit in conjunction with the signing of the contract
and six and 12 months from now will make additional deposits of roughly $11
million each.
