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Hudson Yards Project Area

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Presentation on theme: "Hudson Yards Project Area"— Presentation transcript:

0 The Hudson Yards Project
June 18, 2013

1 Hudson Yards Project Area
Hudson Yards Area is bounded by West 43rd Street, 7th & 8th Avenues, West 30th Street and 12th Avenue 1

2 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

3 The HY Idea Takes Shape 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 3

4 The HY Project Plan Evolves
DCP Study of Extending the No. 7 Subway Line to Hudson Yards (1999) 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 Far West Midtown: A Framework for Development (2001) 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 Master Plan (2002) DCP and NYCEDC engaged a multi-disciplinary urban design team to create a master plan for HY in 2002 Demand Study (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 Preferred Direction Plan (2003) 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 4

5 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: OMB Budget Director Deputy Mayor for Operations Deputy Mayor for Economic Development City Comptroller Speaker of City Council 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 7 full-time employees 5

6 Managing the HY Project
HYDC DOT DEP DCP DPR NYCEDC MTA MVVA (Park Designers) Developers Community City Hall/ OMB/ HYIC 6

7 Land Use The 2005/2009 Rezonings 10/24 10/33 6.5(10)/13 11 12/19 10
42nd St. 10/12 10/15 10/12 Land Use Predominantly residential Mixed use Predominantly Commercial Open space Cultural 7.5 10/20 10/18 6.5/ 13 6.5/15 6 6 6.5(10)/12 10/21.6 10/24 10/24 34th St. 10/33 10/33 6.5(10)/13 11 10/ 21.6 12/19 10 10/19.5 10 10th Ave. 8th Ave. 7

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 8

9 Project Committee Presentation Year End Review
3/31/2017 Construction Status – Site J (June 2013) 11th Avenue Vent Building Hudson Park & Boulevard 34th Street 33rd Street Future 34th Station Entrance Top Left to Right Side

10 Project Committee Presentation Year End Review
3/31/2017 Construction Status – Escalators to Mezzanine 1-2013 10 Top Left to Right Side

11 Project Committee Presentation Year End Review
Construction Status – Tunnel (June 2013) CC2 LOOKING WEST/SOUTH

12 Project Costs and Financing Structure
Project financing plan operates by capturing the incremental revenues from new developments, made possible by the HY rezonings, to cover debt service on HY Project bonds issued by HYIC $3.0bn of Hudson Yards Project bonds have been sold, making the project fully funded $1.0bn of Hudson Yards bonds were sold in October The bonds were rated “A” by S&P and Fitch, and “A2” by Moody’s $2.0bn of Hudson Yards bonds were sold in December 2006, with similar ratings 12

13 The HY Financing Structure
Property Tax Equivalency Payments Hudson Yards IDA PILOT Payments DIB and ERY TDR Payments Debt Service Interest Payments by City if HYIC Revenues Insufficient Bondholders HYIC Bond Proceeds No. 7 Subway Extension Parks and Streets $200 mm to MTA re: ERY HYDC Operating Expenses 13


15 ERY TDRs Generating Site ERY TDRs Receiving Sites
Increasing Density and Creating Non-Recurring Revenue Sources: ERY TDRs 34th Street Eighth Avenue Tenth Avenue 42nd Street ERY TDRs ERY TDRs Generating Site ERY TDRs Receiving Sites ERY DIB Available 15

16 Incentivizing Development
New office development will receive property tax abatements according to Uniform Tax Exemption Policy adopted by NYC IDA 16

17 Forecasting Future Development
As a result of the 2005/2009 rezonings, Hudson Yards district can now accommodate: 25 msf of new office development 20,000 units of new housing 2 msf of new retail 3 msf of new hotel Developers have invested approximately $7.0B to build 9.1 msf of new office, residential and hotel development in Hudson Yards since the 2005 rezoning More than 6,000 apartments, including 1,600 affordable units, and more than 3,200 hotel rooms have been built Market rate residential rents are reportedly in the mid-$60s to mid-$80s $90M of DIB has been sold since 2005 MiMA, 440 West 42nd Street (Related Companies) Silver Towers, 600 West 42nd Street (Silverstein Properties) Yotel, 570 Tenth Avenue 17

18 Brookfield’s “Manhattan West”
January 2013 groundbreaking for Brookfield’s “Manhattan West” was held on the Ninth Avenue site (between West 31st and West 33rd Streets) Mixed-use development will include more than 5.0 msf of office, commercial, and residential uses $680M platform under construction using bridge technology (see image below) 450 West 33rd Street (pictured lower right) will be retrofitted as part of the project 18

19 Related/Oxford’s “Hudson Yards”
The Related Companies and Oxford Properties have partnered to develop the 26-acre MTA Rail Yard sites (aka “Hudson Yards”) Mixed-use development will include more than 13.0 msf of office, hotel, retail, and residential uses and 10+ acres of public open space Two phases of development Phase I – Eastern Rail Yard: From 10th to 11th Avenue between West 30th and West 33rd Streets Phase II – Western Rail Yard: From 11th to 12th Avenue between West 30th and West 33rd Streets 19

20 Residential Projects in the 2013 Pipeline
Address Developer # of Units 605 West 42nd Street Moinian Group 1,194 West 31st Street (between Ninth and 10th Avenues) Brookfield Office Properties 850 10th Avenue at West 41st Street Extell Development Company 600 509 West 38th Street Iliad Realty 250 West 36th Street (between 10th and 11th Avenues) Lalezarian Developers 200 West 37th Street (between 10th and 11th Avenues) Chetrit Group TBD (also includes a hotel) Total 3,094 20

21 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 21

22 Hudson Park and Boulevard – Looking north from West 34th Street
Hudson Yards: 2013/2014 Hudson Park and Boulevard – Looking north from West 34th Street 22

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