Posted Sep 1, 2010, 10:38 PM
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Join Date: Sep 2009
Location: New York City
Posts: 2,523
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Quote:
Bloomberg Deputy's Legacy, From Yankee Stadium To Hudson Yards
Hudson Yards
The Plan: Doctoroff first concocted plans for a redevelopment of the airspace above and land surrounding the rail yards west of Penn Station in 1999, when he was still running NYC2012. The plan for a combined Jets and Olympic stadium fell apart after state Assembly Speaker Sheldon Silver, using his veto power as a member of the Public Authorities Control Board, blocked it in June 2005. But rezoning of the site lived on, as did a city-funded $2.1 billion project to extend the 7 train to 33rd Street and 11th Avenue.
What Happened: The 7 extension is on schedule to open in 2013, but for now it will still lead riders to a giant hole in the ground because the above-ground redevelopment is in limbo. After several years of disarray—original developer Tishman Speyer and anchor tenant Goldman Sachs both dropped out—this May the Related Companies, run by Doctoroff's old real estate business partner Stephen Ross, signed a 99-year lease with the MTA for the 26-acre railyard site for $1 billion, though it won't have to pay up (or begin construction) until the real estate market improves. (Running the project for Ross: Jay Cross, formerly in charge of the Jets' stadium push.) The city, meanwhile, has run through most of the payments by real estate developers slated to pay for the subway line and other infrastructure, and is facing nearly $100 million a year in debt payments on the project starting in 2011.
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http://www.citylimits.org/news/artic...o-hudson-yards
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