Building Congress Event
Construction Industry Breakfast Forum
HUDSON YARDS RISING
Nearly five years from the day that Related was designated the developer of Hudson Yards, L. Jay Cross, the point man for the massive project, delivered a wide-ranging and upbeat progress report to the nearly 400 attendees at a New York Building Congress Construction Industry Breakfast Forum, held on October 17 at the Hilton New York.
Building Congress President Richard T. Anderson opened the forum with a presentation on the Building Congress’ new report, New York City Construction Outlook 2013-2015. The report, which was released in conjunction with the forum, anticipates construction spending to top $30 billion annually over the three-year forecast period. Additional information on the forecast can be found at www.buildingcongress.com/press/2013-10-17.html.
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Related Hudson Yards President L. Jay Cross then took the stage, telling those gathered that work was steadily progressing on what he called “the biggest project ever in America.” In all, Related’s $20 billion Hudson Yards project will encompass 17 million square feet of commercial and residential space spread over 29 acres. The project also includes acres of public green space, a public square and a new cultural facility dubbed the Culture Shed.
Two-thirds of the overall development will rest atop two massive rail platforms. Mr. Cross said that Related would begin construction of the first platform, covering the Eastern portion of the rail yards, in January. Work has already begun on the first phase in the development, a 52-story tower that will house Coach Inc. Mr. Cross also expects to begin construction on an 80-story tower to the north in the near future.
In all, this first phase of the development on the Eastern portion of the site will include 10 million square feet of office space and destination retail. Mr. Cross said he expects to complete this phase by 2018.
The second phase of the Hudson Yards project will follow over a second rail platform over the Western portion of the rails yards. This portion of the project would largely entail development of high-rise towers incorporating condominiums and rental apartments, as well as a five-star hotel, restaurants, movie theatre and additional retail. This mix, Mr. Cross said, will ensure that Hudson Yards will become a dynamic, 24/7 neighborhood.
During his presentation, Mr. Cross highlighted the critical role that government has played – from the initial rezoning process and via major investments in the district’s infrastructure, highlighted by the expansion of the #7 subway line.
Mr. Cross concluded by noting, “This project is as big as the rest of Related put together. And when we say five years (to complete the first phase), we are only talking about the Eastern yards. The Western Yards is another five-plus years after that.”
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