Presentation to the Building Congress

Hudson Yards – Project Update

September 12, 2012

Hudson Yards Project Area

 Hudson Yards Area is bounded by West 43rd Street, 7th & 8th Avenues, West 30th Street and 12th Avenue

HUDSON YARDS DEVELOPMENT CORPORATION 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

HUDSON YARDS DEVELOPMENT CORPORATION 2 The HY Idea Takes Shape

Master Plan: City Planning Special Jacob K. Javits Caemmerer West Side Commission Study of Convention Center Yard released by the the Hudson Yards Area District Created (1990) MTA (1988) (1993)

•Plan proposed a mixed-use •Established to facilitate mixed-use •Shaping the City’s Future report development of the MTA Rail Yards development adjacent to the Javits concluded that expanding existing and the block south of the Javits Convention Center CBDs was essential to Convention Center accommodate long-term growth •Permitted FAR as high as 10 for •Report concluded a rezoning was residential, office, hotel, and •Hudson Yards was identified as an necessary to permit a floor area ratio community facility uses on sites extension of the Midtown CBD of 12 to support the plan surrounding the Javits plaza •Report concluded that the City must •Success of plan contingent upon •No development resulted ensure “that appropriate as-of-right extension of rapid transit access to zoning is in place to accommodate the area expansion and future office needs.”

•The report suggested extending the No. 7 Subway west through Hudson Yards and on to New Jersey

HUDSON YARDS DEVELOPMENT CORPORATION 3 The HY Project Plan Evolves

DCP Study of •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 Extending the No. 7 area’s tax base Subway Line to •Transportation analysis of whether the street network could support additional development Hudson Yards (1999) •Identified the need for a “self-financing” model for the subway extension

•Identified the need for a transit-oriented mixed-use extension of the Midtown CBD Far West Midtown: A •Established three essential components for redeveloping the HY area: Framework for •Rezoning to allow for millions of square feet of mixed-use development Development (2001) •Construction of the No. 7 Subway Extension •Creation of open space amenities to attract businesses, residents, and visitors

Master Plan (2002) •DCP and NYCEDC engaged a multi-disciplinary urban design team to create a master plan for HY in 2002

•City of New York hired consultants Economics Research Associates (ERA) and Cushman & Wakefield (C&W) to Demand Study (2002) 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

Preferred Direction •DCP releases Preferred Direction Plan for HY in 2003 Plan (2003) •PDP confirmed the need for the three project components outlined in the 2001 Far West Midtown report

HUDSON YARDS DEVELOPMENT CORPORATION 4 The Public Sector Organizes

 City creates the administrative structure to execute the HY plan

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: . Board members:

. OMB Budget Director . All five HYIC Board Members, plus: . Commissioners of SBS, Parks, HPD and City . Deputy Mayor for Operations Planning . Deputy Mayor for Economic Development . President, NYCEDC . City Comptroller . Borough President . Council Member for District 3 . Speaker of City Council . Community Board 4 Chair

. Staffed by City’s Office of Management and Budget . 9 full-time employees

HUDSON YARDS DEVELOPMENT CORPORATION 5 The 2005/2009 Rezonings

10/12 42nd St. 10/15 10/12 Land Use 7.5 10/20 10/18 Predominantly 6.5/ residential 13 6.5/15 6 6 6.5(10)/12 10/21.6 Mixed use 10/24 10/24 Predominantly 34th St. Commercial 10/33 10/33 6.5(10)/13

Open space 11 10/ 12/19 10 10/19.5 10 21.6

Cultural

Ave.

Ave.

th

th

8 10

HUDSON YARDS DEVELOPMENT CORPORATION 6 Construction of No. 7 Subway Extension and Hudson Park & Boulevard

HUDSON YARDS DEVELOPMENT CORPORATION 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

HUDSON YARDS DEVELOPMENT CORPORATION 8 Hudson Park & Boulevard

36TH ST

35TH ST

34TH ST

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

HUDSON YARDS DEVELOPMENT CORPORATION 9 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

HUDSON YARDS DEVELOPMENT CORPORATION 10

Private Sector Development: Residential and Hotel Construction in HY Since 2005

Residential Developments Hotel Developments

Yotel, 570 The Orion, 350 West (Extell Development)  3,000 new hotel rooms completed since 2005, with 539 new hotel rooms under construction. Notable projects include:

MiMA, 440 West 42nd Street (Related Companies)  Yotel (2011) – First U.S. location for European concept of “pod- More than 5,000 apartments built since style” accommodations 2005, including 1,600 affordable housing units: – 669-room property opened in June 2011 as part of MiMA, Related’s $800 million mixed-use project on  MiMA (2011) West 42nd Street (between Dyer and Tenth Avenues)  500 rental units; 151 luxury condos  Three adjoining hotels on West 40th Street opened in  The Orion-West 42nd Street (2005) 2009 and 2010  551 luxury condos – Fairfield Inn (244 rooms)  505 West 37th Street (2010) – Four Points by Sheraton (248 rooms)  855 rental units – Staybridge Suites (310 rooms) Silver Towers, 600 West 42nd Street  Silver Towers (2009) (Silverstein Properties)  1,349 rental units Silver Towers, 600 West 42nd Street (Silverstein Properties) HUDSON YARDS DEVELOPMENT CORPORATION 11 Residential Projects in the 2012 Pipeline

Address Developer # of Units

605 West 42nd Street Moinian Group/Rose 764 Associates

10th Avenue at West 41st Street Extell Development Company 600

509 West 38th Street Iliad Realty 250

West 36th Street (between 10th Lalezarian Developers 200 and 11th)

500 West 30th Street Related Companies / Abington 400 Properties

Total 2,214

HUDSON YARDS DEVELOPMENT CORPORATION 12 The Midtown CBD Moves West

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 13 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

HUDSON YARDS DEVELOPMENT CORPORATION 14 Hudson Yards: 2013/2014

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)

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