Posted Dec 20, 2024, 2:06 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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https://commercialobserver.com/2024/12/hochul-mixed-use-project-hudson-yards-418-11th-avenue/
Hochul Announces $1.4B Mixed-Use Project at Hudson Yards’ 418 11th Avenue
The development seems to be scuttling Don Peebles's plan for The Affirmation Tower on the site
By Isabelle Durso
December 19, 2024
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New York Gov. Kathy Hochul announced Thursday that a $1.35 billion mixed-use project will be built at Hudson Yards’ Site K, a state-owned vacant lot at 418 11th Avenue adjacent to the Jacob K. Javits Convention Center.
Hudson Boulevard Collective, a partnership involving BRP Companies, BXP (formerly Boston Properties), The Moinian Group and Urbane Development, has been selected to develop the project, which would be sustainably built and include 1,349 residential units, according to a press release from the governor’s office.
Hochul’s announcement seems to foil the Peebles Corporation’s big plans from 2022 to turn the 1.2-acre site at 418 11th Avenue into a 2 million-square-foot mixed-use development called Affirmation Tower.
...the proposal selected by the governor’s office does not include any component of Affirmation Tower, a source familiar with the matter told CO. Peebles did not immediately respond to a request for comment.
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https://therealdeal.com/new-york/2024/12/19/hochul-taps-bxp-brp-companies-for-site-k/
BXP, BRP and Moinian tapped to build housing towers in Hudson Yards
Don Peebles previously pitched “Affirmation Tower” on the state-owned site
By Kathryn Brenzel
December 19, 2024
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Three years after scrapping a Cuomo-era vision for a site on the Far West side, the state has tapped a team that includes BXP and BRP Companies to build a $1.4 billion housing and hotel project.
Gov. Kathy Hochul on Thursday announced that a joint venture of BXP (formerly known as Boston Properties), Moinian Group, BRP Companies and the Urbane Group have been selected to build a two-tower project at 418 11th Avenue, also known as site K.
The East tower, which will rise 72 stories, will feature 1,349 residential units, of which 404 will be affordable. The 28-story West tower will house a 455-key Hilton hotel.
“New Yorkers want convenient access to affordable high-quality housing near employment opportunities and public amenities such as Hudson River Park, the waterfront and the High Line,” Hilary Spann, BXP’s executive vice president for the New York region, said in a statement.
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The state ultimately received seven applications for the reissued RFP, according to Empire State Development officials. The applications for the project were reviewed by a selection committee made up of members of ESD’s legal, real estate and asset management teams, as well as representatives from Javits. Applications were scored based on the project design and program, financial return for the state, developer experience and other factors, such as inclusion of minority- and women-owned businesses.
BRP and Urbane, both certified minority-owned companies, hold a 31 percent stake in the winning joint venture (with BRP owning 30 percent, and Urbane the remaining 1 percent).
BRP’s experience developing mixed-income housing, as well as BXP’s deep pockets and experience working with Amtrak (the project involves building over active train tracks), contributed to the team’s high score.
Moinian and BXP teamed up to bid on the original RFP, with a proposal that included some residential. The two companies had also partnered on a neighboring site, 3 Hudson Boulevard, a planned but stalled office tower.
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The residential portion of the project will have a floor area ratio of 18, meaning that space will be 18 times larger than the size of the lot. As part of the state budget this year, lawmakers agreed to lift rules that limited the city’s residential FAR to 12. In order to use higher FAR, sites or neighborhoods will need to be rezoned.
Because this is state-owned land, however, the project will go through a general project plan process, which allows the state to override local zoning.
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