presentation to the new york building congress...500 rental units; 151 luxury condos the orion-west...

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

1


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

2


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

3

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)


The Public Sector Organizes

City creates the administrative structure to execute the HY plan

5

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


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

6


Construction of No. 7 Subway Extension and Hudson Park & Boulevard

7


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

8


Hudson Park & Boulevard

9

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


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

10


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)

11


Residential Projects in the 2012 Pipeline

12

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


The Midtown CBD Moves West

13

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: 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

14

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

presentation to the new york building congress...500 rental units; 151 luxury condos the orion-west...

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